Periodic Reporting for period 1 - FYCHTECH (LASER-BASED RECYCLING TECHNOLOGY TO CLOSE THE LOOP IN FLEXIBLE PACKAGING INDUSTRY)
Reporting period: 2023-06-01 to 2024-05-31
The project undertaken by Fych aims to address significant environmental and economic challenges associated with plastic waste, particularly multilayer plastic packaging. Multilayer plastics, widely used in various industries due to their superior protective properties, present a considerable recycling challenge because conventional recycling methods cannot efficiently process these materials. Consequently, a vast amount of this plastic waste ends up in landfills or incinerated, contributing to environmental pollution and economic losses estimated at 100 million euros annually in Europe alone.
The primary objective of this project is to introduce Fych’s innovative recycling technology to the market, targeting the recovery and recycling of flexible multilayer packaging. The project sets several specific goals to achieve this aim:
(1) Product Evaluation: Assess the quality and suitability of recycled plastics for various end markets. This involves obtaining market feedback to ensure the recycled products meet the stringent requirements of sectors such as food and cosmetics packaging.
(2) Communication and Dissemination: Develop and implement strategies to reach potential customers and showcase the benefits of Fych’s technology.
(3) Customer Conversion: Conduct lab and pilot testing with potential customers to demonstrate the feasibility and advantages of the recycling process.
(4) Market Analysis and Business Plan: Update market analysis to incorporate recent data and regulatory changes and refine the business strategy accordingly.
(5) Intellectual Property Protection: Expand the patent protection of Fych’s technology to other potential markets, ensuring broader commercial opportunities.
Fych's project is poised to make a substantial impact by addressing pressing environmental issues and transforming the recycling industry. Through innovative technology, strategic market entry, and robust business planning, the project seeks to promote sustainability, economic growth, and social equity, thereby contributing to a greener and more sustainable future.
The primary objective of this project is to introduce Fych’s innovative recycling technology to the market, targeting the recovery and recycling of flexible multilayer packaging. The project sets several specific goals to achieve this aim:
(1) Product Evaluation: Assess the quality and suitability of recycled plastics for various end markets. This involves obtaining market feedback to ensure the recycled products meet the stringent requirements of sectors such as food and cosmetics packaging.
(2) Communication and Dissemination: Develop and implement strategies to reach potential customers and showcase the benefits of Fych’s technology.
(3) Customer Conversion: Conduct lab and pilot testing with potential customers to demonstrate the feasibility and advantages of the recycling process.
(4) Market Analysis and Business Plan: Update market analysis to incorporate recent data and regulatory changes and refine the business strategy accordingly.
(5) Intellectual Property Protection: Expand the patent protection of Fych’s technology to other potential markets, ensuring broader commercial opportunities.
Fych's project is poised to make a substantial impact by addressing pressing environmental issues and transforming the recycling industry. Through innovative technology, strategic market entry, and robust business planning, the project seeks to promote sustainability, economic growth, and social equity, thereby contributing to a greener and more sustainable future.
The activities performed during the project are:
(1) Pilot Tests and Sample Production: The results obtained showed that recycled plastic samples were produced, and technical data sheets were created for three samples.
(2) Quality Assessment and Migration Tests: The recycled products' mechanical and thermal properties were measured, and migration tests were conducted by AIJU in Spain. The results confirmed that the recycled materials were within legal limits for substance migration, making them suitable for contact-sensitive applications.
(3) Product Evaluation Plan: A product evaluation form (PEF) was developed and sent along with recycled material samples and technical data sheets to 16 companies. Feedback from these evaluations helped refine the product offerings and identify potential end markets.
(4) Customer Conversion through Lab and Pilot Testing: Lab tests were conducted with eight interested clients, leading to pilot tests with three of them. Collaboration contracts were signed with three companies for pilot tests and potential industrialization.
(5) Business Plan Update: Fych worked with external advisors to prepare an updated business plan, including market analysis and financial forecasts. The updated business plan attracted investor interest, securing 2 million euros for further development.
(6) Patent Protection: Patent applications were submitted in the EU, USA, Australia, Brazil, and Mexico.
The main outcomes of the action are:
(1) Revenue generated totalled €324,504.8. Additional funding of nearly €2.3 million from the EIC Accelerator and €2 million from an investor was secured.
(2) Positioned Fych's technology for market entry, with projections estimating a total revenue of around €28 million by 2027.
(3) Demonstrated the technical feasibility and high quality of recycled plastics, supporting their use in various high-demand applications.
(1) Pilot Tests and Sample Production: The results obtained showed that recycled plastic samples were produced, and technical data sheets were created for three samples.
(2) Quality Assessment and Migration Tests: The recycled products' mechanical and thermal properties were measured, and migration tests were conducted by AIJU in Spain. The results confirmed that the recycled materials were within legal limits for substance migration, making them suitable for contact-sensitive applications.
(3) Product Evaluation Plan: A product evaluation form (PEF) was developed and sent along with recycled material samples and technical data sheets to 16 companies. Feedback from these evaluations helped refine the product offerings and identify potential end markets.
(4) Customer Conversion through Lab and Pilot Testing: Lab tests were conducted with eight interested clients, leading to pilot tests with three of them. Collaboration contracts were signed with three companies for pilot tests and potential industrialization.
(5) Business Plan Update: Fych worked with external advisors to prepare an updated business plan, including market analysis and financial forecasts. The updated business plan attracted investor interest, securing 2 million euros for further development.
(6) Patent Protection: Patent applications were submitted in the EU, USA, Australia, Brazil, and Mexico.
The main outcomes of the action are:
(1) Revenue generated totalled €324,504.8. Additional funding of nearly €2.3 million from the EIC Accelerator and €2 million from an investor was secured.
(2) Positioned Fych's technology for market entry, with projections estimating a total revenue of around €28 million by 2027.
(3) Demonstrated the technical feasibility and high quality of recycled plastics, supporting their use in various high-demand applications.
The project's outcomes are expected to have wide-ranging impacts:
(1) Economic Growth and Job Creation: Direct employment growth with a target of 38 full-time employees by 2027. Indirect creation of 228 new jobs for machinery suppliers, recyclers, and plastic packaging manufacturers. Contribution to the economic development of the recycling sector, which ranks eighth in sectors adding value to economic growth.
(2) Industrial and Market Expansion: Enhanced industrial capacity for recycling, supporting regulatory compliance and sustainability pressures. Broader market penetration with high-quality recycled materials, driving industry innovation and resilience.
(3) Environmental Sustainability: Substantial reductions in plastic waste and environmental pollution. Promotion of sustainable practices within the plastic recycling industry. Reduction of carbon footprint in the plastic sector. Transition to the Circular Economy model.
To ensure further uptake and success, the following needs should be addressed:
(1) Further Research and Development: Continuous improvement of recycling technologies to enhance efficiency and output quality. Exploration of new materials and feedstocks to diversify recycling capabilities.
(2) Demonstration Projects: Additional pilot and demonstration projects to showcase technology benefits and build industry confidence.
(3) Market Access and Commercialization: Development of strategic partnerships to penetrate new markets. Enhanced marketing and outreach to attract potential customers and investors.
(4) Access to Finance: Securing funding for scaling operations and expanding production capacity. Leveraging financial instruments and investor networks for long-term growth.
(5) Intellectual Property (IPR) Support: Strengthening patent protection and intellectual property management across key regions. Engaging with legal experts to navigate international patent landscapes.
(6) Regulatory and Standardization Framework: Working with regulatory bodies to ensure compliance with evolving standards. Advocating for supportive policies that encourage recycling and sustainability practices.
The project successfully validated Fych's recycling technology, securing key contracts, funding, and market interest. The technology demonstrated significant economic, industrial, and environmental benefits, positioning Fych as a leader in the recycling sector.
(1) Economic Growth and Job Creation: Direct employment growth with a target of 38 full-time employees by 2027. Indirect creation of 228 new jobs for machinery suppliers, recyclers, and plastic packaging manufacturers. Contribution to the economic development of the recycling sector, which ranks eighth in sectors adding value to economic growth.
(2) Industrial and Market Expansion: Enhanced industrial capacity for recycling, supporting regulatory compliance and sustainability pressures. Broader market penetration with high-quality recycled materials, driving industry innovation and resilience.
(3) Environmental Sustainability: Substantial reductions in plastic waste and environmental pollution. Promotion of sustainable practices within the plastic recycling industry. Reduction of carbon footprint in the plastic sector. Transition to the Circular Economy model.
To ensure further uptake and success, the following needs should be addressed:
(1) Further Research and Development: Continuous improvement of recycling technologies to enhance efficiency and output quality. Exploration of new materials and feedstocks to diversify recycling capabilities.
(2) Demonstration Projects: Additional pilot and demonstration projects to showcase technology benefits and build industry confidence.
(3) Market Access and Commercialization: Development of strategic partnerships to penetrate new markets. Enhanced marketing and outreach to attract potential customers and investors.
(4) Access to Finance: Securing funding for scaling operations and expanding production capacity. Leveraging financial instruments and investor networks for long-term growth.
(5) Intellectual Property (IPR) Support: Strengthening patent protection and intellectual property management across key regions. Engaging with legal experts to navigate international patent landscapes.
(6) Regulatory and Standardization Framework: Working with regulatory bodies to ensure compliance with evolving standards. Advocating for supportive policies that encourage recycling and sustainability practices.
The project successfully validated Fych's recycling technology, securing key contracts, funding, and market interest. The technology demonstrated significant economic, industrial, and environmental benefits, positioning Fych as a leader in the recycling sector.