ECO Plastics, a Hemswell, UK-based plastic bottle recycler, has received a £24m equity financing.
Investors include Ludgate Environmental Fund and Close Brothers.
The company intends to use the funds to double its production of food-grade recycled material (rPET) for soft drinks bottles, and extend its Hemswell plant, which currently houses 17 optical sorters, producing up to 11 streams of plastics.
The expansion will increase overall processing capacity at the plant from 100,000 tonnes to 140,000 tonnes of plastic bottles per year (equivalent to 2.8 billion bottles per year).
Earlier this year, the company, which is also backed by Disruptive Capital and SAM Private Equity, signed a joint venture with Coca Cola Enterprises.