Van Doorne Leads Equity and Debt Financing for Xycle’s First Commercial-Scale Plastics Recycling Plant

Today, Rotterdam based chemical recycling company Xycle announced that it has successfully secured financing to fund the construction of its first commercial-scale plant. The funds secured (somewhere between EUR 75 – 100 million) are a combination of equity investment from a consortium of investors: Dow, ING, Invest-NL (partly covered by InvestEU) and Vopak, and senior debt from Polestar Capital.

Xycle will use this funding to support construction of a flagship recycling facility with a capacity to process 21 kilotons of plastic waste annually, strategically located in the Port of Rotterdam as a major international gateway to Europe. Xycle’s proprietary pyrolysis technology converts difficult-to-recycle plastic waste into pyrolysis oil that can be used to make virgin-quality plastics. Dow will be an off-taker of circular feedstock from Xycle’s new plant, using it to manufacture new circular plastics, addressing increasing global demand for circular products

Van Doorne acted as legal advisor to Vopak Ventures, the seed investor in Xycle, and led the equity and debt financing process and acted as overall project counsel. The project was led by Diederik Maessen (partner Energy / M&A) while the project finance workstream was led by Angelique Thiele (partner Project Finance).  The core deal team also included M&A counsel Bart Stevens and (senior) M&A associates Danny van der Wiel, Nelly Wisse and Ivo Dorresteijn. The project finance team further consisted of Joost Morsink. Advice was also provided by Victor van Ahee (counsel environment and permitting), Bart van Reken (partner IT), Berber Bosch (senior associate IT), Jan Roeland (partner Tax), Nienke Petri (senior associate Tax), Laurence Lichtenvoort Cats (associate Tax), Maarten Appels (partner Notary), Tess Lont (senior associate Notary), Tessa Pieksma (associate Notary) and Celine Vacirca (junior associate Notary)

We extend our congratulations to Xycle, Vopak, DOW, ING, Invest-NL, Polestar and all other partners involved in this achievement.

We are proud to have played a key role in this project and look forward to continuing our support for a circular and sustainable economy.

The full press release can be found here: Dow, ING, Invest-NL, Polestar Capital and Vopak fund first plant of Rotterdam-based chemical recycling company Xycle – Xycle

See also the article in the Dutch financial newspaper (FD): Xycle haalt tientallen miljoenen op voor recyclingfabriek in Rotterdam