PRYME

What PRYME does

Pryme N.V. is a Dutch public cleantech company (Euronext Oslo Growth: PRYME) that developed and operated proprietary electrical pyrolysis technology to convert mixed plastic waste into Plastic Pyrolysis Oil (PPO) for sale to petrochemical companies. Founded in 2008 with research dating to that period, the company completed construction and commissioning of its first industrial-scale plant, Pryme One, in the Port of Rotterdam in 2023 and commenced production in January 2024. The core technology uses electrically heated pyrolysis in a low-oxygen environment with controlled extrusion temperatures and proprietary contaminant removal (chlorine, metals) to process mixed and contaminated plastic waste streams unsuitable for mechanical recycling, claiming near-100% conversion of feedstock into pyrolysis oil, non-condensable gases, and char.

Pryme operated a B2B enterprise sales model, securing long-term offtake agreements with petrochemical off-takers including Shell Chemicals Europe BV, and was supported by feedstock partnerships with more than eight waste plastic suppliers, an 80+ year reactor manufacturer partner, and an R&D centre at Ghent University in Belgium. The company achieved ISCC PLUS certification as both processing unit and collection point in 2024 and participated as scientific coordinator in the EU Horizon Project ELECTRO consortium (total budget EUR 21.4 million, up to EUR 4.8 million EU subsidy, running September 2022 to September 2026).

Pryme went public on Euronext Oslo Growth in Q1 2021, raising approximately EUR 25 million at IPO, and cumulatively raised approximately EUR 43 million through 2024 across multiple private placements and a EUR 13 million round in May 2023 with Infinity Recycling, Invest-NL, and LyondellBasell, followed by a EUR 10 million investment from Taranis Investment Limited in April 2024. The company experienced severe commercial underperformance: FY2024 revenue was only EUR 102 thousand against a net loss of EUR 45.7 million, nameplate capacity was revised downward from 40,000 to 26,000 tonnes per year (oil output from 30,000 to approximately 17,000 tonnes), oil yield assumptions fell from 75% to roughly 65%, and a EUR 24 million impairment was recorded on Pryme One. In March 2026, Pryme decided to terminate Pryme One operations and cease development of its proprietary technology, with the company reassessing how to create long-term shareholder value.

Name

PRYME

Legal name

Pryme N.V.

Website

https://pryme-cleantech.com

Company type

Public

Founded year

2008

Operating status

Closed

Headcount range

11–50 employees

Short description

Pryme N.V. was a Dutch cleantech company that developed proprietary pyrolysis technology to convert mixed plastic waste into pyrolysis oil for petrochemical customers. Operating Pryme One in Rotterdam, the company terminated plant operations in March 2026 after sustained commercial underperformance.

Ownership category

akta.pro rank

Product category

Advanced Chemical Recycling (Plastic-to-Pyrolysis-Oil)

NAICS

Petrochemical Manufacturing (32511), Plastics and Rubber Products Manufacturing (326)

SIC

Industrial Organic Chemicals (2860), Miscellaneous Plastics Products (3080)

akta.pro industry

PRIMARYIMANAMAD

Chemical/Advanced Plastics Recycling (Depolymerization, Pyrolysis, Solvolysis)

Industrials, Manufacturing & Construction/Plastics & Rubber Manufacturing/Plastic & Rubber Recycling and Reprocessing

SECONDARYEUAIAKAL

Plastic-to-Fuel/Oil & Feedstock Upgrading (Naphtha/Cracker Feed)

Energy, Utilities & Environment/Environmental Services (Waste Management, Recycling & Remediation)/Plastic Recycling (Mechanical & Chemical/Advanced)

SECONDARYBPALADAE

Plastics Sorting & Reprocessing (PET, HDPE, Film)

Business & Public Services/Waste Management & Remediation Services/Recycling & Materials Recovery (MRFs, Sorting, Processing)

Keywords

• Chemical plastic recycling
• Pyrolysis oil production
• Advanced plastic recycling
• Plastic waste processing
• Circular plastics feedstock

Headquarters

HQ city

Rotterdam

HQ country

Netherlands

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Pyrolysis Oil Sales: Pryme generates revenue by selling crude pyrolysis oil produced from plastic waste to petrochemical companies and materials manufacturers. The oil serves as feedstock for the production of new plastics or can be used directly as fuel. Revenue is derived from long-term offtake agreements with strategic customers.
2. EU Horizon Project ELECTRO: Pryme participates in the EU Horizon research project ELECTRO with a total budget of EUR 21.4 million, receiving subsidy of maximal EUR 4.8 million for contributions from September 2022 to September 2026.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

PRYME operates advanced chemical recycling plants that convert mixed plastic waste into Plastic Pyrolysis Oil (PPO) using proprietary electrical pyrolysis technology. The oil is sold as a circular feedstock to petrochemical companies and oil upgraders for processing into new plastics. The company's first and primary asset is Pryme One, an industrial-scale plant located at the Port of Rotterdam.

Product overview

PRYME is an innovative cleantech company that operates a proprietary chemical recycling technology platform using pyrolysis to convert mixed plastic waste into pyrolysis oil. The company operates Pryme One, its first industrial-scale advanced recycling plant in Rotterdam (the largest single reactor line installation in Europe), with plans for future expansion through Pryme Two (currently on hold pending proof of concept from Pryme One). The core offering consists of converting plastic waste—particularly mixed polyethylene (PE) and polypropylene (PP) plastics—into Plastic Pyrolysis Oil (PPO) for sale to petrochemical companies. The company also maintains an R&D Center in Ghent for technology development and optimization.

Differentiator

Problem solved

Functional benefit

Brands

• Pryme One: First industrial-scale advanced recycling plant located in the port of Rotterdam, utilizing single reactor technology with capacity of 26,000 tons of plastic waste intake.
• Pryme Two

Products and services

• Plastic Pyrolysis Oil (PPO) Pyrolysis oil produced from mixed plastic waste through PRYME's proprietary electrical pyrolysis technology; sold as a circular feedstock to petrochemical companies (including Shell Chemicals Europe BV) for processing into new plastics.
• Pryme One Plant Operations Industrial-scale advanced recycling facility at the Port of Rotterdam operating Europe's largest single-reactor-line advanced recycling installation with revised nameplate intake of 26,000 tonnes/year of plastic waste and approximately 17,000 tonnes/year of pyrolysis oil output.

Quantifiable outcome

• 26,000 tonnes/year plastic waste intake capacity at Pryme One Rotterdam (revised from 40,000 tonnes)
• +7 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Six partnerships are on record, tiered strategic and core.

• EU Horizon Project ELECTRO ConsortiumstrategicStrategic or Co-development Partner · 1 September 2022Pryme participates in EU Horizon Project ELECTRO, a consortium of 12+ partners demonstrating innovative technologies linking plastic waste management with petrochemical industry. Total budget EUR 21.4 million; Pryme's contribution EUR 8 million with EUR 4.8 million EU subsidy. Project runs September 2022 to September 2026. Pryme serves as scientific coordinator leading a work package.
• Shell Chemicals Europe BVcoreStrategic or Co-development Partner · 6 October 2021Shell and Pryme signed strategic plastic waste to chemicals cooperation and offtake agreement. From 2022, Pryme supplies Shell with oil made from recycled plastic waste from its first plant in Rotterdam. Shell also has an upgrading plant in the Netherlands. Discussions ongoing to improve financial terms for Pryme One oil sales.
• Major Petrochemical Company (unnamed)coreStrategic or Co-development Partner · 4 August 2021Pryme entered into agreements with a major petrochemical company covering strategic cooperation and product supply. Main purpose is to establish a market for pyrolysis oil and facilitate efficient recycling of plastic waste on an industrial scale.
• Ghent UniversitystrategicStrategic or Co-development PartnerPryme operates its R&D centre at Ghent University campus with a state-of-the-art pilot plant that mirrors the technology used at Rotterdam demonstration facility. Partnership for research and technology development supporting EU Horizon ELECTRO project.
• Reactor Manufacturer (80+ years expertise)coreTechnology or IntegrationPryme partnered with a reactor manufacturer boasting over 80 years of expertise in pyrolysis technology. This partnership combines existing best-in-class technology with Pryme's novel insights for reliable and scalable platform development.
• Waste Plastic Suppliers (8+ suppliers)coreChannel Partner/ Reseller/ DistributorPryme has established partnerships with more than 8 waste suppliers for plastic waste feedstock supply. These feedstock producers efficiently convert post-consumer and industrial plastic waste into bales meeting Pryme's specifications for density, moisture content, and composition.

Scale indicators19 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Plastic Energy: Plastic Energy operates commercial-scale pyrolysis plants converting mixed plastic waste into pyrolysis oil for petrochemical feedstock, very similar in technology approach and target customers (petrochemical offtakers) as Pryme. It is the closest direct competitor in the European advanced-recycling landscape.
• Quantafuel: Quantafuel (formerly Quantafuel ASA, now part of BASF) operated pyrolysis plants converting plastic waste into pyrolysis oil for petrochemical feedstock, with European plant footprint. Its former independent profile makes it a close historical peer to Pryme on technology and market positioning, though it has since been acquired.

Broad incumbents

• Eastman Chemical: Eastman is a global specialty chemical company that has invested heavily in molecular/chemical recycling of plastic waste (its Eastman Renew program). It overlaps with Pryme on technology category (advanced recycling) and serves similar petrochemical/polymer end markets, but at much larger scale and as a chemicals incumbent.
• Neste: Neste is building a large-scale upgrader for pyrolysis oil at its Rotterdam refinery, making it both a potential customer and adjacent operator to Pryme's value chain. Its scale in refining/feedstock processing gives it a strong incumbent position in the circular polymers value chain Pryme targets.
• BASF: BASF is a global chemical incumbent actively pursuing chemically recycled feedstocks (e.g., its ChemCycling project using pyrolysis oil from partners like Quantafuel). It targets similar petrochemical/circular-polymer customers as Pryme but as a large diversified incumbent rather than a pure-play pyrolysis operator.
• INEOS: INEOS is a major global petrochemicals producer with circular-economy initiatives, including announced advanced recycling projects. It serves similar downstream polymer markets as Pryme's offtake customers and represents both potential competition and a potential large-volume offtaker for pyrolysis oil.

Emerging players

• Mura Technology: Mura Technology is developing advanced (supercritical water-based) plastic-recycling technology with commercial plants in the UK. It targets the same pyrolysis-oil-of-cracker-feedstock value chain as Pryme and competes for similar petrochemical offtake agreements and EU regulatory tailwinds.
• Carbios: Carbios is a French biotech company developing enzymatic recycling of PET and is also expanding into fiber/textile chemical recycling. It overlaps with Pryme in the broader advanced/chemical recycling category, particularly targeting the same EU regulatory demand for circular plastics.

Others

• Shell Chemicals: Shell is Pryme's anchor offtake customer for pyrolysis oil from Pryme One Rotterdam, with a strategic cooperation agreement signed in 2021. As customer rather than competitor, Shell is the most important commercial counterparty shaping Pryme's revenue base.
• LyondellBasell: LyondellBasell is both an investor in Pryme (May 2023 EUR 13M round) and a major global polyolefins producer pursuing circular-feedstock solutions. As an investor/customer-ecosystem participant it is central to Pryme's downstream market access rather than a direct technology competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/pryme-cleantech

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PRYME