The names of the six successful applicants who will be receiving total investment loans of R7m from POLYCO over the next six months to fund their existing polyolefin recycling operations, have been released.
POLYCO, the polyolefin recycling company, invited 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.
According to Mandy Naudé, CEO of POLYCO, these funds will increase the recycling capacity of plastics bearing the polymer identification codes 2,4 and 5 by almost 8,000 tons per annum. A major positive for POLYCO, is that this capacity growth is directly linked to an increase in recycled tons, 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 Naudé.
The successful applicants are:
- Myplas: This Western Cape based recycler is busy addressing the production constraints in his plant in Stikland, Belville. With POLYCO's assistance, the company will be able to easily unlock additional capacity over the next six months. They will be upgrading the wash plant and extruders, which will help the company meet a growing demand for their recyclate - which currently far outstrips their ability to supply.
- Italian Plastic Technologies: Based in Gauteng, this recycler of difficult to recycle waste has been in operation for over 17 years. In order to meet the growth in customer demand, they need improved shredding and washing facilities, and POLYCO's funding will go a long way towards assisting them to achieve this goal.
- Mountain View Plastics: Also based in Gauteng, this recycler bought an existing business, which now has old equipment that is unreliable and costly to maintain. Unable to expand and grow without a cash injection, POLYCO's funding will allow them to take their operation to the next level by acquiring a modern wash plant facility, which is automated and energy efficient.
- Polymark Recycling: This recycling facility is in the North West Province and has been operational for the past twenty years. However, the business is currently at a stage where they need to upgrade their washing and drying facilities to take their business to the next stage of development.
- EMET: Another Gauteng based recycler, EMET will use POLYCO's grant to automate and optimise operations, as well as introduce more energy efficient equipment. They will be moving their operation next door to their sister company, InWaste Green, in Tembisa so as to minimise logistic costs and to streamline operations.
- Moiware t/a Coastal Recycling: POLYCO's funds will be assisting the previously known Collect-All Plastics, to start up again, and to rebuild their business gutted by fire earlier last year. Funding received will go towards an extruder and granulator, so as to be able to assist them to service the East London area, an area that they have dedicatedly serviced for the past 20 years.
"The POLYCO Board is very pleased with the volume and quality of the opportunities that are being presented for potential funding support," says the chairman of POLYCO, Jeremy Mackintosh. "We can see that by working with the recycling value chain, we can play a role in job creation, enterprise development and in achieving the recycling rate targets as set in the Paper and Packaging Industry Waste Management Plan. We believe that together, we can and will make a difference."