CIRCTEC, a UK company focusing on sustainable tire recycling through pyrolysis, has secured EUR 150 million (~USD 162.56 million) in a venture funding round jointly led by Novo Holdings and A.P. Moller Holding. The funding also includes EUR 22.5 million (~USD 24.4 million) in grants from the Netherlands Government.

The funds will be used to set up what the company claims are Europe’s largest tire pyrolysis recycling facility in Delfzijl, Netherlands. Once fully operational, the recycling facility will be able to process approximately 5% of the 3.6 million tons of end-of-life tires generated annually in Europe.

CIRCTEC, founded in 2009, utilizes a proprietary pyrolysis process to decompose old tires and convert waste into renewable fuels and circular chemicals. The company has a footprint across five countries in Europe, with two commercial demonstration plants operating as of May 2024.