Chair Capital announces that Nova Circular Solutions BV (NCS), a Dutch developer of advanced recycling infrastructure, has signed Heads of Terms with Chair Capital for a proposed cornerstone equity investment of up to EUR 30M. The investment is intended to fund construction and commissioning of the NCS pyrolysis facility at Chemport Delfzijl in Groningen, designed to convert approximately 42,000 tonnes of plastic waste per year into circular feedstock for the production of new plastics.
The facility will use BlueAlp’s latest-generation pyrolysis technology, building on the technology originally deployed at the Ostend facility, which is now owned by BlueAlp. NCS will deploy two production lines with a combined design capacity of approximately 42,000 tonnes of plastic waste per year. The two-line configuration provides greater flexibility in producing different pyrolysis oil cuts, enabling NCS to address a broader range of potential petrochemical offtakers and end-use applications.
The investment is structured under Chair Capital’s Investment Architecture as a single equity tranche of up to EUR 30M, deployed at Ready to Build. Deployment is conditional on pre-agreed gateway milestones, the key milestones covering permitting, binding offtake and feedstock agreements, development-phase financing and completion of front-end engineering design (FEED). Deployment is also subject to a thorough due diligence process and Chair Capital Investment Committee approval.
From 1 January 2030, the EU Packaging and Packaging Waste Regulation sets minimum recycled-content levels for the plastic part of packaging placed on the EU market, aligning with the facility’s targeted production timeline. The EU’s February 2026 implementing decision confirms that chemically recycled content counts towards Single-Use Plastics Directive recycled-content targets, and the EU ban on plastic waste exports to non-OECD countries takes effect on 21 November 2026.
Chair Capital and NCS are finalising the Formal Investment Offer. Final Investment Decision is targeted for the first quarter of 2027, with commercial production targeted for 2030.
