Greenback Recycling Technologies

Greenback Recycling Technologies is an environmental engineering company providing waste collection and advanced plastics recycling services. The company uses its subsidiary Enval’s microwave-induced technology to recycle plastic packaging and multi-layer laminates into pyrolysis oil. Greenback sources feedstock from local waste collectors via its “Circularity Platform” and sets up decentralized chemical recycling units at landfills and sorting stations.

In addition, the company utilizes a proprietary blockchain-based evidence system named “eco2veritas” to track the circular value chain of the pyrolysis oil derived from post-consumer waste. The system compiles data to deliver a certification on the neutralized waste and proof of origin for the output materials. Greenback’s pyrolysis oil is sold to petrochemical businesses to manufacture packaging.

Key customers and partnerships

In May 2023, Greenback opened its advanced recycling plant in Mexico in partnership with Nestlé Mexico, with plans to expand further in Latin America. In September 2023, Greenback acquired Enval, a microwave-induced pyrolysis solution for packaging waste, and merged plastic packaging waste-recycling solutions following the launch of a joint recycling plant in Mexico.

Funding and financials

The company raised funding in May 2022, when it completed a part of a pre-Series B funding round for an undisclosed amount to build a plastic scrap recycling facility in Mexico. In December 2020, Greenback raised GBP 8 million (~USD 9.7 million) from private investors and the British government to finalize the acquisition of ecoVeritas, a packaging compliance company, and invest in Enval.