Finnish company Wastewise Group has secured a capital loan of €4.2m ($4.58m) from the Climate Fund to support its facility investment programme in Finland.

The loan will help increase the reuse rate of hard-to-recycle plastics significantly and will also contribute to the construction of new recycling lines.

The company’s total facility investment programme amounts to nearly €12m.

Aside from the loan from the Climate Fund, Wastewise received equity financing from Taaleri Sijoitus.

In addition, €0.85m has been secured for the company’s chemical plastic-recycling plant in Nokia, Finland.

Wastewise Group is a privately owned circular economy company that was established last year following Wastewise’s merger with Suomen Kiertoketju.

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The company’s pyrolysis technology recycles hard-to-recycle plastics and produces oil as a result, which it says can replace crude oil in the production of plastic and other chemicals.

Wastewise Group’s CEO Kaisa Suvilampi said: “For the past few years, Wastewise has developed its own pyrolysis technology and business concept in the rapidly developing sector of plastic recycling. Our investments have borne fruit and our plant in Nokia is the first plastics recycling facility in Finland to use pyrolysis in industrial-scale production.

“The chemical recycling technology we have developed enables the use of recycled plastic raw material also in demanding applications, such as food plastics or applications in the pharmaceutical industry, because chemically recycled plastic raw material corresponds in its properties to virgin raw material and does not deteriorate in circulation, like mechanically recycled plastic raw material.”

The company is currently building new recycling plants across Finland.