Singapore-based reCLEAN Technologies has completed a $28 million Series B financing round led by Helios Capital, a sustainability-focused vehicle affiliated with Temasek Holdings, the Singaporean state investment company, to scale its pyrolysis-based plastic waste processing operations and bring certified chemical recycling credits to market by the fourth quarter of 2025.
The round, which also included participation from a European family office and two undisclosed corporate strategic investors, will fund the construction of three additional pyrolysis units at reCLEAN's existing facility in Batam, Indonesia, and the development of a second site in Metro Manila, the Philippines. Both jurisdictions possess established ocean-bound plastic collection infrastructure and significant volumes of mixed plastic waste that cannot be processed by conventional mechanical recycling.
reCLEAN's core technology converts mixed post-consumer plastic waste, primarily polyethylene and polypropylene streams that would otherwise enter landfill or the ocean, into pyrolysis oil, a hydrocarbon feedstock suitable for use in oil refineries as a partial substitute for naphtha. The company says its process achieves plastic-to-oil conversion rates of approximately 78 percent by mass for its target feedstock, with residual char used as a secondary energy source within the facility.
The company is pursuing registration under Verra's VM0046 methodology, which establishes the accounting framework for plastic waste reduction via chemical conversion processes. VM0046 requires projects to demonstrate additionality, meaning the plastic waste diverted would not otherwise have been collected or processed in a commercially viable alternative pathway, and mandates third-party verification of both input tonnages and chemical conversion yields.
reCLEAN projects initial credit issuance of 50,000 tonnes in its first year of operation under the standard, scaling to 200,000 tonnes by 2027 as additional processing capacity comes online. The company is targeting a credit price of $280 to $320 per tonne, positioning itself between lower-cost mechanical recycling credits, which typically trade at $60 to $150 per tonne, and premium ocean-bound plastic credits from certified collectors, which can reach $500 to $700 per tonne for high-provenance material.
The fundraising has not been without controversy. Environmental groups including the Break Free From Plastic coalition and Zero Waste Europe have questioned whether pyrolysis-derived plastic credits should count as recycling at all, arguing that the process produces fuel rather than new plastic material and that the lifecycle emissions from combusting pyrolysis oil are comparable to those of conventional fossil fuels. They have called on Verra to tighten VM0046 to exclude fuel-producing conversion pathways.
Verra has not publicly indicated any intention to revise the methodology. reCLEAN's chief executive, Dr. Priya Menon, dismissed the criticisms as applying a circular economy purity test that ignores the on-the-ground reality of mixed plastic waste streams. She noted that the alternative for the waste reCLEAN processes is not high-quality mechanical recycling but an open dump or a river.
If reCLEAN's first credits pass Verra verification on schedule, the implications for the premium credit market are significant. A verified, scalable supply of chemical recycling credits at the $280 to $320 price point would expand options for corporate buyers unwilling or unable to pay ocean-bound plastic premiums, potentially drawing new entrants to the market.