Polyco the Polyolefin Recycling Company, has released the names of the six successful applicants who will be receiving total investment loans of R7 million over the next 6 months to fund their existing polyolefin recycling operations.

The company’s second Request for Proposals was made in July last year, inviting recycling companies to submit proposals for funding that would be used to grow their recycling production volumes and have a direct impact on the sustainable growth of the polyolefin plastics recycling industry.

Increasing recycling capacity

According to Mandy Naudé, Chief Executive Officer of Polyco, these funds will increase the recycling capacity of plastics bearing the polymer identification codes 2,4 and 5 by almost 8 000 tonnes per annum or 24 000 tonnes in the three year cycle.

A major positive for Polyco, is that this capacity growth is directly linked to an increase in recycled tonnes, as the loans are guaranteed against the applicants’ projected volume growth.

“We received a total of 19 applications for the second round of funding for the 2014 cycle. Of these, we selected the six most suitable applications based on their business plans, financial stability and ability to guarantee waste source to deliver their projected growth,” explains Mandy.

Most of the applications received, were for funding that would address bottlenecking or production constraints in recycling plants.

“Several applicants were also looking at upgrading their wash plant facilities as this would improve the cleanliness and quality of their products.  Investments in new extrusion, granulation and shredding equipment also featured prominently on the applicants’ business plans,” she adds.

Successful applicants

The successful applicants are:

• Myplas
• Italian Plastic Technologies
• Mountain View Plastics
• Polymark Recycling
• EMET
• Moiware t/a Coastal Recycling