The London-headquartered company confirmed that founder Carlos Monreal has resumed the role of CEO following what it described as a successful administration process, marking the start of a “new chapter” focused on operational performance, profitability and growth.
Plastic Energy appointed administrators in May 2026 after experiencing cash flow difficulties.
At the time, the joint administrators said the group had insufficient liquidity to implement a turnaround plan.
Commenting on the restructuring, Monreal said: “This is the start of an exciting new chapter for Plastic Energy, with our focus being on operational excellence, disciplined growth, profitability and delivering long-term value to customers, partners and shareholders.
“Returning as CEO of the company I founded is both a personal commitment and a vote of confidence in what we have built.”
Plastic Energy’s plastic-to-oil process
Founded in 2011, Plastic Energy recycles end-of-life plastics into oil, intended to replace fossil oils in the production of new plastics.
Headquartered at Carter Lane, London, the company employs 200 people across the UK, Singapore, Malaysia, Spain, France and remotely.
Its process heats plastics in the absence of oxygen to form hydrocarbon vapours, which are then condensed into a recycled oil, called TACOIL.
Its proprietary technology will remain at the centre of the business following the restructuring, with operations and development continuing across Europe and research activities based at its laboratory at Loughborough University Science and Enterprise Park.
Challenging plastics recycling market conditions
Plastic Energy said the wider chemical recycling sector has faced a difficult investment environment in recent years, citing volatile virgin polymer prices and prolonged regulatory uncertainty.
However, the company said it believes the market has reached a turning point, arguing that chemical recycling technologies have matured, industrial-scale capacity has been demonstrated and demand for recycled feedstocks continues to increase.
The broader recycled plastics sector has also faced significant economic pressures, with recyclers continuing to report that low virgin plastic prices have undermined demand for recycled material, while uncertainty over future regulatory frameworks has made securing investment more challenging.
Monreal added: “The demand for a solution to the issue of hard-to-recycle plastics is greater now than ever.
“We will continue advancing our technology, increasing efficiency of our existing industrial operations, expanding strategic partnerships and accelerating the deployment of chemical recycling globally.
“Regulation must now keep pace with the commitment made by the private sector, creating a favourable environment for those seeking to scale circular solutions and support circular ambitions such as those laid out in the EU’s Packaging and Packaging Waste Regulation.”
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