Blue Cycle, a plastic recycling company in Heerenveen, has declared bankruptcy. The plant, which began operations last year, was the first in the Netherlands to convert plastic waste into oil.
Director Eric Witvoet cited a combination of higher costs, significant investments, and delays in operations as factors leading to the bankruptcy, as reported by Omrop Fryslân. The company was founded by Nico Vos in late 2022, with plans to convert plastic waste into oil.
Although the company demonstrated the viability of its technology, it faced complaints from local residents about chemical odors. Recently, the company’s 20 employees were informed of financial struggles, and efforts to find a buyer failed due to high investment requirements.
Witvoet remains hopeful for a restart. The provincial sustainability fund stands to lose over seven million euros, according to its director Michiel Hendriks.
Source: NOS