Neste and partners invest EUR 11 million in Circularise to advance circular economy

Helsinki – Neste Corporation announced on November 17, 2022, that it, along with Brightlands Venture Partners, 4 Impact VC, and Asahi Kasei, is investing a total of EUR 11 million into the Netherlands-based startup Circularise. The investment is intended to promote a circular economy within the plastics and chemical sectors by providing new digital solutions to improve the traceability and transparency of material flows across value chains.

Circularise utilizes blockchain technology to create digital product passports. These passports enable customers to optimize resource use, verify provenance, and assess carbon footprints and impacts throughout the supply chain. The company's solution also supports mass balance accounting, facilitating the transition from fossil feedstocks to more sustainable alternatives in the plastic and chemical industries.

Lars Peter Lindfors, Neste's Senior Vice President of Innovation, stated that Neste, together with its partners, aims to accelerate the adoption of sustainable solutions. He emphasized the need for scalable digital solutions for tracking renewable and recycled materials. "Circularise provides novel solutions for this need, and we are excited to support them in speeding up the critical transition to circular solutions," Lindfors said.

As part of the funding round, Circularise plans to scale its business operations, product development, and international team. The investment is supplemented by grants from the European Commission. The agreement has been signed, and its completion is subject to customary closing conditions.