The plans with the beverage giant, which were unveiled in March, will more than double British production of food-grade recycled material (rPET) for soft drinks packaging, claims ECO plastics.
The raised funds will build and operate the Joint Venture business that will supply rPET to Coca-Cola Enterprises over the next ten years, said the recycling firm.
They will also be used to support the construction and operation of an expansion to ECO Plastics’ existing plastics processing plant.
The expansion funds include a £5m equity investment by Ludgate Environmental Fund Limited and the previously announced £5m from Coca-Cola Enterprises to form the joint venture.
“We will recycle used British packaging in Lincolnshire, for re-use in packaging sold in Britain. This represents an important milestone for both the drinks manufacturing industry and the recycling industry,”said Peter Gangsted, ECO Plastics chairman.
“We are delighted that the markets have recognised the value of this model. The UK sustainable packaging market has huge growth potential and our expansion will make ECO Plastics a world leader.”