£100m Sunderland recycling plant moves forward with latest funding announcement

Wastefront, the Norwegian waste tyre recycling company, announces a strategic partnership with leading global energy storage infrastructure provider VTTI, for investment of up to $43m (approx. £33m) and an agreement to reach a final investment decision for eight global sites within a five year period.

VTTI, backed by energy and infrastructure players Vitol, IFM Investors and ADNOC (the Abu Dhabi National Oil Company), is one of the world’s largest independent energy storage infrastructure providers with key locations around the world.

The investment in Wastefront and planned investments in future plants are part of VTTI’s global growth strategy in which circular products are an important pillar, with an ambition to conduct more than 50 per cent of its activities in new and transitional energy sources by 2028.

The partnership between Wastefront and VTTI will take two initial forms: firstly, an investment from VTTI of up to $43m in Wastefront, to be used in the construction of the first phase of Wastefront’s plant in Sunderland.

Secondly, site selection surveys to be conducted to determine eight jointly owned VTTI-Wastefront plants at which Wastefront’s solution will be implemented, and which will be operated by VTTI. The partnership will enable Wastefront to expedite deployment, utilising VTTI’s industry-leading expertise, existing global footprint, and terminal locations.

Since its founding, Wastefront has developed a Blueprint to solve the disposal of an estimated 31 million metric tonnes of End-of-Life-Tyres (ELT) annually, representing a major environmental issue. At present, most ELTs worldwide end up either in landfills or incinerated.

In contrast, Wastefront offers circularity, and the possibility to chemically recycle ELTs into valuable products. The strategic partnership with VTTI marks the first time the Wastefront Blueprint is being licensed for global deployment.

The Wastefront Blueprint will be implemented at Wastefront’s first plant in the North East of England, at the Port of Sunderland, which is starting construction this year and is foreseen to be fully operational in 2026.

Vianney Vales, Wastefront CEO, commented: “Our mission to create a Green Global Industrial Platform to solve the end-of-life tyre problem, requires buy-in from major industrial companies. VTTI is a leading infrastructure company with a clear mission to grow in the energy transition and I am delighted to announce our partnership.

“This is the first time that our Wastefront Blueprint solution for circularity will be licensed on a global stage. VTTI has opted to go a step further and not just deploy our solution but also invest in Wastefront and in future plants.”

By Matthew Neville – Senior Correspondent, Bdaily

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