Greenback - on a mission to develop circular solutions for packaging waste
by Startacus Admin
Greenback tackles the provenance of plastic materials by building a globally distributed, decentralised network of advanced recycling plants near the sources of plastic waste.
It’s time to talk about plastic again! The term ‘advanced recycling’ is a broad one that encompasses a range of chemical processes that allow plastics to be converted back into materials ready to use for new purposes. We have written about several startups involved in such processes in the past, with the likes of Plastech and their building aggregate, and BioCellection’s virgin-quality chemicals.
One of the big problems with this process on a large scale is that the resulting material is so similar to new plastic that it comes with the risk of fraud, as companies try to pass off fresh plastic as the product of advanced recycling. So tracking the provenance of the materials is important.
This is where London-based greentech startup Greenback comes in. They are, as you may have guessed, dedicated to taking on the challenge of tracking provenance with a decentralised network of chemical recycling plants, each connected to a blockchain-based verification platform.
With both financial incentives and technology, the startup encourages the collection of plastics that are otherwise hard to recycle, depositing it into these chemical recycling plants, ideally close to the landfills that the plastic would otherwise be dumped in, cutting transportation costs and making the whole process more efficient. In those plants, the plastic is converted into pyrolysis oil using microwaves, and then transported back to petrochemical companies to be turned back into fresh plastic.
Ensuring the process remains genuine and transparent, a combination of internet of things (IoT) devices and artificial intelligence identifies the materials passing through, and the blockchain ensures that this provenance remains true and unaltered. This allows confidence in new food-grade packaging.
Greenback is building a decentralised network of these plants near post-consumer plastic waste sources all around the world, making the process faster, fairer, and more efficient.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry.
Want to learn a new language? Weeve is an innovative startup that has created an innovative, creative and effective way to help you do just that.
Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
Want to increase visual engagement for your startup's Instagram account? These tips will help you do just that.
Want to gain an edge over your business competitors? Listening to your audience is an absolute must.
The Clothes Doctor mission to fight fast fashion continues as the innovative eco clothing care brand raises £1m to support further growth.
If you plan on using social media to promote your brand, these simple rules will help, increasing both brand awareness and the number of consumers.
High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.
The lowdown on Danish startup EvodiaBio and its innovative tech that produces sustainable aromas for the food and beverage industry.
Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.
Published on: 25th March 2022
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Vegan Dog Food Brand, Omni Smashes £400K Crowdfunding Target 1st Feb 2023 Crowdfunding success for Omni, the vegan dog food brand, reaffirms the recession-proof growth of the pet nutrition industry.
- Raise Spring Accelerator programme seeking applications for next cohort 30th Jan 2023 Want to build an investable, scalable tech startup? The Raise Accelerator programme is now open for applications and will help you do just that.
- Leading French Travel Co. Offers Mentoring to two UK startups on its prestigious two-month programme 23rd Jan 2023 High-potential social impact startups from the UK sought for the 9th annual Les Tremplins by Voyage Privé programme.
- Small businesses need new model for growth in recession 23rd Jan 2023 Small Business Britain’s ‘How to Grow’ report outlines how small businesses are responding to economic challenges and how they can grow during recession.
