Lugano’s GR3N Closes €15.5 Million Series B to Build the World’s First Microwave-Assisted PET Recycling Plant in Spain

Why It Matters

The plant could unlock large‑scale chemical recycling of PET, helping the industry meet EU recycled‑content mandates and reducing reliance on virgin plastic. It signals deep‑tech financing moving toward circular‑economy solutions.

Key Takeaways

• GR3N secured €15.5M (~$16.7M) Series B to fund MODUS plant.
• MODUS will process 40,000 tons of PET annually in Spain.
• EU Innovation Fund granted €35M (~$38M) for the project.
• MADE technology claims 80% lower CO₂ emissions versus virgin PET.

Pulse Analysis

The PET market, now exceeding 100 million tonnes annually, still relies on mechanical recycling that handles only transparent bottles, leaving roughly 85 % of waste—colored containers, films, and textile fibers—in landfills or incinerators. European packaging regulations are tightening, demanding up to 30 % recycled PET content by 2030 and 65 % by 2040, while major beverage brands set their own ambitious targets. This regulatory push creates a clear market gap for technologies that can process the full spectrum of PET waste at scale.

GR3N’s Microwave Assisted Depolymerisation (MADE) claims to fill that gap by converting any PET feedstock into food‑grade monomers without feedstock limitations, while cutting CO₂ emissions by up to 80 % compared with virgin resin production. The recent €15.5 million Series B, led by 360 Capital and joined by VP Textile, will finance the MODUS plant in Spain, a 40,000‑ton‑per‑year facility slated for commercial operation in Q2‑2030. The project is further underpinned by a €35 million EU Innovation Fund grant, with Intecsa Industrial handling engineering and EPC delivery, and a board now led by CEO Martin Stephan.

If MODUS proves commercially viable, it could catalyze a shift toward chemical recycling as the industry’s "best available technology," enabling brands to meet recycled‑content mandates without compromising product quality. Investors are watching closely, as the success of GR3N may unlock further deep‑tech capital for circular‑economy ventures, while the broader plastics sector could see a reduction in virgin polymer demand and a measurable decline in lifecycle emissions. The plant’s timeline and scale also provide a template for future European projects aiming to close the PET loop.