Ioniqa Technologies B.V. files for bankruptcy protection
Ioniqa Technologies has sought bankruptcy protection, having determined that achieving a positive cash flow from its advanced polyester recycling technology will take too long.
In the last decade, the company has made significant progress towards selling technology licensing packages, demonstrating the viability of its advanced plastic recycling technology on an industrial scale and preparing comprehensive technical, process, and economic documentation. However, the company states that the advanced recycling sector faces challenges due to the low cost of virgin plastics derived from fossil fuels and an underdeveloped plastic recycling supply chain. Furthermore, the implementation of regulated mandatory standards for meaningful recycling levels are too far out into the future.
These factors combined render the large-scale deployment of Ioniqa’s advanced recycling technology for a circular PET supply chain economically unfeasible for the company at this time and in its current set-up, says the company.
