Alumni startups: GR3N raises €15.5M to scale its PET recycling technology

The Lugano-based cleantech company and alumnus of the USI Startup Centre incubation programme has secured €15.5 million in Series B funding to accelerate the industrial deployment of its innovative chemical recycling technology for PET plastics and polyester fibres.

GR3N is a Swiss cleantech company that developed MADE (Microwave Assisted DEpolymerization), an innovative process that provides a scalable recycling solution for a large proportion of PET waste currently still ending up in landfill or incineration. The round was led by 360 Capital, a leading European venture capital firm focused on deep-tech and climate-tech innovation, with participation from new investor VP Textile. The funding will be used to advance the development of MODUS, the world's first industrial-scale plant based on GR3N's patented microwave-assisted depolymerisation technology. The plant will be built in Spain in partnership with Intecsa Industrial and has already secured support through the European Union Innovation Fund.

Founded in 2013, GR3N has developed MADE (Microwave Assisted DEpolymerization), an innovative process designed to address one of the major challenges in plastics recycling. While conventional mechanical recycling technologies can process only a limited portion of PET waste streams, GR3N's technology can recycle a much broader range of PET materials, including textile fibres, coloured plastics and other difficult-to-process waste. The successful funding round marks another important step in GR3N's growth journey and highlights the strength of the innovation ecosystem in Southern Switzerland.

The company also recently welcomed Martin Stephan as its new Chief Executive Officer. Bringing more than two decades of international leadership experience, he will oversee the next phase of GR3N's industrial and commercial development.

Commenting on the announcement, Martin Stephan said:

"I am very excited to join this talented team with the goal of bringing Microwave Assisted Depolymerization technology to market and establishing it as the best available technology for PET chemical recycling. With this funding round, and the support of our financial and industrial partners, we are accelerating the construction of the first industrial plant operating our technology."