The spinoff from the Eindhoven University of Technology in the Netherlands said in a statement that ‘achieving a positive cash flow from its advanced polyester recycling technology will take too long’, sustainable Plastics reports.
Ioniqa has been operating a demonstration facility at Brightlands Chemelot Campus in Geleen, the Netherlands , since summer 2019. The demo plant, with a capacity of 10,000 tonnes a year, produces recycled PET for food-contact applications.
This January, the company received funding from Infinity Recycling’s Circular Plastics Fund to help scale up and bring its technology to market, including broadening its feedstock to include polyester fibres.
However, ten months in, Ioniqa said large-scale deployment of its PET depolymerisation technology has proven ‘economically unfeasible’ under current market conditions and the company’s current set-up.
It cited low cost of virgin plastics, a plastics recycling chain still in development, and too-far-out-into-the future implementation of recycling quotas mandates as factors for its poor financial position.
With its strategic licencing partner Koch Technology Solutions, a UK-based technology licensing business with roots in DuPont, the partners expected to sell licences will on an estimated 50,000-plus tonnes scale...
The company’s Denua technology is a proprietary glycolysis process that depolymerises all types and colours of PET waste into its original monomers. Its feedstock is mostly based on low-end PET.
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