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Recycling firm gets funding from Singapore to clean up Kalimantan, Sulawesi
The multinational plastic recycling joint venture plans to set up new waste management infrastructure, particularly in coastal communities on Kalimantan and Sulawesi.
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A group of female waste workers sort plastic bottles for recycling in this undated photograph. (Courtesy of Circulate Capital/-)
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ndonesian recycling company Prevented Ocean Plastic Southeast Asia has received an undisclosed amount of funding from Singapore-based investment management firm Circulate Capital for establishing a network of 12 new high-volume collection centers and three new aggregation centers.
The new plastic waste management centers are to be located in coastal communities that have limited or no collection facilities across Indonesia, with a particular focus on the islands of Kalimantan and Sulawesi.
Prevented Ocean Plastic is a joint venture between Indonesia’s recycled plastic flakes manufacturer PT Polindo Utama, the United Kingdom’s recycled plastic bottle materials distributor Bantam Materials UK Ltd. and Circulate Capital.
“This partnership will enable us to develop waste collection infrastructure to meet the growing demand for traceable plastics while supporting communities outside of Java. We believe there is an opportunity to overcome the complex [waste] collection and sorting logistics in remote areas,” Polindo Utama CEO Daniel Law said in a statement on Tuesday.
The recycling company aims to reduce costs, streamline waste collection logistics and produce certified and traceable premium quality recycled plastics for supplying global markets.
“There is already an increasing global demand for high-quality, traceable plastics as governments in Europe and international markets mandate the use of recycled plastic in packaging and products,” said Bantam Materials UK director Raffi Schieir.
Prior to receiving the new funding through the Circulate Capital Ocean Fund (CCOF), Prevented Ocean Plastic established a flagship collection center in Bali to trial its business model.
