About The Innovator
PlastX is the supply-chain-platform for responsibly-sourced recycled plastic in Asia.
The problem they solve: Responding to the outcry over plastic, 60% of PCG companies have committed to using recycled content. But in Asia, the supply of recycled plastic is scarce (USD$4.2Bn shortfall and growing at 8% p.a.) and the chain is tainted by child labour and material substitution.
Their solution: PlastX is more than recycled plastics compliance. It is compliant with a brand story to delight consumers (which equals sales).
Compliance – PlastX aims to provide security of supply at competitive market pricing; and the chain-of-custody gives transparency, mitigating risks of substitution and child labour.
Delight – Brands with Purpose get more sales (65% of consumers want to buy sustainably). With PlastX you get recycled plastic with in-built social credibility.
How it works – With their in-country partners (responsible-sourcing expert) they build the physical supply-chain – collectors, drop-off hubs, logistics & processing. Their clients describe the recycled plastic they want, PlastX posts the job, registered collectors accept, collect, drop-off & earn, hubs perform QA and earn; transport and processing are arranged, and the plastic is delivered on spec & on time for reuse.
Locations: India Q4 2020 and Thailand Q2 2021
Their pilot plan is in 3 stages: Initial field trial; Pilot; and Commercial trading. PlastX is relevant to multiple Asian markets and their initial markets are India and Thailand.
- Initial field trial – Q4 2020 PlastX will be trialled in Uttar Pradesh with our in-country partner, Solidaridad, at small scale for the first data point data collection and resulting model calibrations.
- Pilot – From Q4 2020, and using the findings from stage 1, PlastX will scale into an economic model under a full program with Solidaridad.
- Commercial trade – Initial customer confirmed with new product in development to be manufactured in Thailand and in market in UK Q3 2021.
PlastX has acquired their first customer. Now they are seeking a (or a collaboration of) corporate(s) to partner with, so that PlastX can realise the data and supply-chain benefits at commercial scale.
Stage 1 is fully funded. PlastX are currently raising capital to deliver stages 2 & 3.