Recyclers who use separated plastic waste as input material face problems due to inaccurate separation (~95% purity), which is problematic as different plastic types do not mix well in production. To mitigate the negative effects of contaminations, recyclers use expensive additives and compatibilizers. Because it is not known what the contamination exactly is, recyclers are forced to overcompensate with these chemicals to ensure a sufficiently high material quality. Recyclers estimate that this overcompensation costs more than €15 euros per ton of plastic processed, whereas a small to medium scale recycler processes 1.000 tons per month.
Uniqueness, Technology overview, barriers to competition
Current quality analysis technologies for plastics can be subdivided into 2 groups:
- suitable for lab use
- suitable for high throughput, with low accuracy
The Virtual Chemist has a high throughput but with laboratory accuracy. This is made possible by our artificially intelligent algorithm that processes the hyperspectral data. This allows to correctly classify plastics and some additives in the plastics, even when the material is wet, greasy or degraded (common for waste). This combination of accuracy and throughput enables recyclers to analyse representative samples of waste streams; thereby optimize production processes and guarantee a certain output product quality.
Market size and analysis
20M tons of plastic is recycled annually (8.5Mt in Europe, 8.9Mt in Asia, 3.1Mt in USA). With an added value of more than €15 per ton, the TAM for plastic recyclers is over €300M. TAM of plastic waste separators (growth market), is estimated at over €1bn.
The EU & US are targeted. Plastic recyclers: €175M. Plastic separators: €600M.
Plastic recyclers: 13% of EU & US market; €23M annually
Plastic separators: 5% of EU & US market; €30M annually
Market grows 10% annually (Plastics Europe, 2016).
Güt Stuttgart: sIRoPAD. (€30,000)
RTT System: Flakeanalyser (€150,000)
|First Name||Last Name||Job Title||Impressive Facts|
|Yuri||van Engelshoven||CFO||Managed and budgeted 50 student employees during his study at TU Delft|
|Urban||Avsec||CIO||Wrote first line of code at age 8. Published first peer reviewed paper at age 14.|
Ask, use of proceeds, milestones
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