UK-based chemical recycling company Plastic Energy has secured a €145m ($167.7m) investment from three separate investors.

The investors include entrepreneurial firm LetterOne, which invests through its L1 New Energy arm, as well as French chemical company Axens and British investment management company M&G.

Proceeds from the fundraiser will be used to support the company’s growth strategy and the expansion of its technology and recycling plant network.

Plastic Energy founder and CEO Carlos Monreal said: “I am excited to announce Plastic Energy’s successful institutional fundraise and new investors, which will ensure our company’s success for the future.

“It is encouraging to have the support of these global companies who share our vision in reducing plastic waste and have confidence in our patented and proven chemical recycling technology.

“This investment will have a big impact, enabling us to recycle more plastics globally and build a more sustainable and circular economy.”

Plastic Energy uses its patented thermal anaerobic conversion technology to convert end-of-life plastics into a recycled feedstock sold as TACOIL.

The company has two operational plastic-to-plastic chemical recycling plants in Spain and is currently building facilities in France and the Netherlands.

Plastic Energy has partnered with a number of chemical industry leaders, including SABIC, TotalEnergies and ExxonMobil.

Consumer brands such as Unilever and Tupperware have used recycled plastic made from the company’s technology in their packaging and products.

Axens plastic circular economy director Stéphane Fedou said: “We are glad to announce our investment and strategic partnership with Plastic Energy.

“And by leveraging Plastic Energy and Axens’ complementary operational and technological skills, we can now offer a combination of proven technologies to make it possible.”

Morgan Stanley served as Plastic Energy’s financial advisor and placement agent in connection with the fundraiser.