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Only 2% of the 400,000 tonnes of discarded carpets in the UK is recycled. The rest goes into landfill or incinerated. Innovate Recycle aims to build a new carpet recycling plant in Northamptonshire that, once it is complete, would be able to recycle carpet into reusable materials. It has already received a grant funding of up to £2.35m.

  • UK carpet market est to expand at a rate of 3.3% between 2019 & 2025
  • UK is one of the leading manufacturers & consumers for carpet in Europe.
  • Burning waste carpet is est to have a CO2 impact of £16m p.a in the UK
  • Circular economy: growing demand for recycled polypropylene.
Information £1,778,000 of investment is being finalised, these funds will be reflected on the progress bar, these have been raised by the Company prior to launching on Crowdcube. Funds will be transferred during the campaign and shares issued. Completion of the Crowdcube raise will occur on the same material terms and share price

Idea

Of the circa 400,000 tonnes of waste carpet generated in the UK each year, around 44% is currently diverted from landfill. However, the bulk goes to incineration and shredding for outdoor equestrian flooring. Neither approach is true recycling. Carpets can contain more than 59+ toxic substances. As waste they are harmful to health, and CO2 is released when incinerated. In the end, only 2% is genuinely recycled. Reusable polypropylene within the carpet is lost to burning and shredding. This is a wasted opportunity.

With a developed business model, and the right technology partner, Innovate Recycle secured a grant of up to £2.35m to build our first plant, to be based at Chelveston Energy Park. We will use renewable energy from the adjacent energy park, and proven recycling technology from the US, which has recycled cir. 25m tonnes of carpet since 2015.

Growing demand for recycled polypropylene material has been confirmed by a leading recycled polymer distributor.

Post-funding, we plan that plant construction and testing will take 12 months to complete & be operational by month 13. Our calculations suggest one production line, at full capacity, can recycle up to 20,000 tonnes each year & generate 12,600 tonnes of polypropylene pellets. We plan to expand to a second production line by yr 4 at the same facility.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Innovate Recycle Ltd has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.