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High quality pyrolysis oil from otherwise unrecyclable plastic.

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Anjeli Bhoendie

Benedetta Garofalo

Daan van Kassel

Jacob Dankert

Joost Loeb

Ramón Schram

Tim van Munster

Ward Heij

Gilles Becker

Merijn Tops

Sylvia Nieuwenhuis

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Our fund offers a unique return-risk-impact profile for investors, based on our three fundamental pillars.

We target scale-up companies, corporates, and projects with an impact focus and a debt financing need, giving us a unique market position for competitive returns.


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By applying our market expertise, combined with our risk-mitigating analyses and thorough due diligence, we ensure that the financing we provide has a carefully managed risk profile.

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Focusing on investments with the potential to drive sustainable change, such as zero-emission logistics, we help deliver a positive and measurable impact.


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 announces the acquisition of a stake by Societe Generale Amsterdam in 

, the sole private debt fund in Europe dedicated to the circular economy. This participation and related commercial partnership will support innovation and help scale up circular economy projects and solutions.

The Polestar Capital Circular Debt Fund (PCDF), launched in 2022 and based in the Netherlands, provides non-dilutive funding to companies with circular economy principles at their core. It targets fast-growing markets addressed by circular models in areas such as biomass waste, biomolecules, plastics pollution processing, and sustainable construction and man-built environment.

Financing circular economy projects, though urgently required, remains a challenge because of applicable regulation, exposure to new technologies and new markets, and the relatively small scale of investments. This partnership aims to establish a continuity of financing solutions for circular ventures, with a first level of debt support provided by PCDF early on and a smooth transition to Societe Generale for their next stages of development.

Marie-Aimée Boury, Head of Impact Based Finance at Societe Generale Corporate & Investment Banking says: “Supporting the circular economy is crucial in the fight against climate change and biodiversity loss. It also builds long term resilience and cost-effectiveness into our clients’ business models and across their value chains. We’re very happy to partner with Polestar Capital whose expertise will accelerate our involvement in this new market segment and support our clients in their positive impact transformation.”

Jan-Willem König, CEO of Polestar Capital adds: “The fund finances innovative circular breakthrough technologies that require relatively large sums of capital and that take time to realise positive cashflows. Financing such companies is complex within the context of traditional credit processes and banking regulations. In the meantime, we don’t have the luxury to be patient in scaling sustainable circular technologies, as we need to reduce our emissions and pollution rather sooner than later.

We are therefore very pleased with the combined investment of Societe Generale in the fund, as well our partnership for the mutual financing of the further upscaling of circular innovators. This combination allows us to already support circular companies in a phase not yet suitable for traditional bank financing, but also connects the borrowers of the fund with a partner that may finance the roll-out of their circular technology. We believe the partnership is an important step for the further acceleration of the transition to a circular economy, in the Netherlands and beyond.”

Polestar Capital is an impact investor with close to EUR 1 billion of financing geared towards sustainable initiatives in the Netherlands. The founders of Polestar Capital were driven by one mission: to bridge the financing gap for impact. We fund promising initiatives for a better future through innovative, solution-oriented financing. Thereby we help to realise projects that other investors don’t finance, don’t finance yet or finance insufficiently. To this end, we manage multiple investment funds, amongst which the Polestar Circular Debt Fund, the Limburg Energy Fund (LEF) and the Dutch Heat Fund. The funds have both a societal impact goal, but also deliver a financial return. For more information about Polestar Capital and its funds, see 

Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth. Committed to the positive transformations of the world’s societies and economies, Societe Generale and its teams seek to build, day after day, together with its clients, a better and sustainable future through responsible and innovative financial solutions.

Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 117,000 members of staff in 66 countries and supports on a daily basis 25 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:

French Retail Banking with the SG bank, resulting from the merger of the two Societe Generale and Crédit du Nord networks, and Boursorama. Each offers a full range of financial services with omnichannel products at the cutting edge of digital innovation;

International Retail Banking, Insurance and Financial Services, with networks in Africa, Central and Eastern Europe and specialised businesses that are leaders in their markets;

Global Banking and Investor Solutions, which offers recognised expertise, key international locations and integrated solutions.

Societe Generale is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

In case of doubt regarding the authenticity of this press release, please go to the end of 

 where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

For more information, you can follow us on Twitter 

Hilversum 29 June 2023 - Polestar Capital announces the acquisition of a stake by Societe Generale Amsterdam in Polestar Capital Circular Debt Fund, the sole private debt fund in Europe dedicated to the circular economy. This participation and related commercial partnership will support innovation and help scale up circular economy projects and solutions.

Societe Generale takes a participation in Polestar Capital Circular Debt Fund to accelerate its support to the circular economy

While commitments are being made at COP26 Glasgow. 

 are calling attention to the funding gap to transition to a circular economy.

"The circular economy is crucial to achieving the Paris climate targets and will make the Netherlands less dependent on importing raw materials and products from other regions."

"Dutch financial institutions have expressed a desire to invest in the circular transition, but pension funds are lagging far behind."

Fortunately, people are working on solutions:

The Sustainable Finance Lab will examine the barriers confronting institutional investors and suggest tools for investing in the circular economy.

Polestar Capital is launching the Polestar Capital Circular Debt Fund, the pension fund for the retail sector. This fund will provide loans to innovative circular economy companies that would not be able to get their projects off the ground, or off the ground in time, without this loan.

For more information about this fund and investment options, please contact Daan van Kassel, CAIA (

Lees meer

For more information about this fund and investment options, please contact Daan van Kassel, CAIA (dvk@polestarcapital.nl).

"De circulaire economie is cruciaal om de 

 minder afhankelijk van de import van grondstoffen en producten uit andere regio's."

"Nederlandse financiële instellingen hebben een ambitie uitgesproken om te investeren in de circulaire transitie, maar er wordt door pensioenfondsen nog nauwelijks in belegd"

 (dvk@polestarcapital.nl) naar de (investerings)mogelijkheden.

While commitments are being made at COP26 Glasgow. Rens Van Tilburg, Willem Schramade, Jacqueline Duiker and Philip Tan are calling attention to the funding gap to transition to a circular economy.

The circular transition calls for patient private capital

De circulaire transitie vraagt om geduldig privaat kapitaal

Hilversum, December 2nd 2024 – The Polestar Capital Circular Debt Fund (PCDF) announces its €3 million debt financing of Uppact, a processor of hard-to-recycle plastic and textile waste streams into building and construction materials. Uppact has now secured €5.2 million in equity, subsidies and debt financing for the construction of its first recycling facility in the port area of Delfzijl (the Netherlands).

Currently, only around 30% of all plastic waste streams are being recycled in the Netherlands. Most of the plastic and textile waste is still being incinerated or ends up as landfill, which has severe consequences for the environment. Often waste managers choose these options as there are no alternative methods to treating the “unrecyclable” portion of these plastic waste streams. Recycling therefore would greatly benefit from innovative solutions, specifically for this fraction of waste.

Uppact offers a value-added solution by being able to process the rejected or sorted out materials from mechanical recyclers, that would otherwise be incinerated. Their solution is based on a patented technology, which mixes and melts waste streams by applying pressure on a plastic flow in a rotating cylinder. The resulting friction creates heat, which melts the plastics, after which the molten plastic can directly be fed into an extruder to make new plastic products. In their earlier pilot plant, they have proven to produce good quality products for construction purposes (e.g. boards, beams, poles and sheet materials) from the plastic waste streams with this process. Their products are price-competitive, fully circular, with an excellent environmental footprint. This way Uppact delivers an impactful contribution to closing the loop in plastic and textile value chains.

With its funding, Uppact will construct a demonstration plant in Farmsum, the Netherlands, using one production line, which will be a first of its kind in Europe. The recycling installation will be able to annually process approximately 4,000 tons of plastic and textile waste, resulting in a reduction of approximately 14,000 tons of CO₂-equivalents.

We are very excited to take this important step towards a more sustainable future. With the support from PCDF, equity investors NOM and Groningen Groeifonds and a Just Transition Fund subsidy we now have the financing in place to build our factory. We look forward to be able to contribute to building a circular future.

The fact that Uppact is able to process the plastic waste streams that have been sorted out as non-recyclable residual waste by other mechanical recycling parties, makes their technology complementary to existing plastic recycling methods. With this they contribute to increased circularity within the plastic value chain – a goal Uppact as well as we share. Therefore, we are more than happy that our loan helps in making this possible.

UPPACT | the UnWaste Company provides an innovative solution to the waste management industry in the Netherlands by processing unrecyclable plastic and textile waste with its first demonstration plant with which it saves this waste from landfill and incineration. UPPACT plans to further scale up in the Northern Netherlands and to set up several similar facilities in the Netherlands and Northwest Europe. This approach fits seamlessly with the objective of both Dutch and European policy to promote a circular economy and to recycle and reuse plastic waste as much as possible.

About the Polestar Capital Circular Debt Fund (PCDF)

PCDF is the largest debt fund of Europe dedicated to financing the transition to a circular economy. The fund recently closed its fundraising with €240 million capital. Through PCDF, Polestar Capital invests in innovative circular projects with the potential to create worldwide systemic ecological impact, both by waste reduction and recycling as well as the substitution of fossil fuels. This lowers the use of virgin resources, as well as carbon emissions. Often, these projects have difficulty raising enough funding. Banks usually find such projects too innovative and the projects are generally too capital intensive for venture capitalists to finance the non-subsidised part entirely with equity. By closing this funding gap, PCDF allows circular production companies to prove their technologies and business models on a commercial scale. In doing so, the fund paves the road for other financiers to finance the further scaling of these technologies. Investments by PCDF benefit from support from the European Union under the InvestEU Fund. For more information visit 

Michel Walstock (most to the left) and Jan Jaap Folmer (most to the right) together with Plastech’s Peter and Colin Barker while inspecting the Plastech Mixer-Melter to be shipped from Australia to Delfzijl.

The Polestar Capital Circular Debt Fund (PCDF) announces its €3 million debt financing of Uppact, a processor of hard-to-recycle plastic and textile waste streams into building and construction materials. With its funding, Uppact will construct a demonstration plant in Farmsum, the Netherlands, using one production line, which will be a first of its kind in Europe. 

PCDF finances €3 mln towards construction of the demo factory of Uppact

Hilversum, April 4, 2023 – Impact investor Polestar Capital today announced the participation of four new investors in the biggest circular debt fund of Europe. The Dutch state impact investor Invest-NL and the insurers Onderlinge s‘Gravenhage and De Hoop have already invested, the Province of Limburg has made its investment decision but is still in the process of formalizing its participation. The Polestar Capital Circular Debt Fund (PCDF), which has Dutch pension fund Detailhandel as its anchor investor, will then have grown to EUR 187 mln.

Circular project need finance to make an impact


With the PCDF, Polestar Capital invests in innovative circular projects with the potential to create worldwide systemic ecological impact, both by waste reduction and recycling and by the replacement of fossil fuels. This lowers the use of virgin resources, as well as carbon emissions. Often, these projects have difficulty raising enough funding. Banks usually find such projects too innovative, and for venture capitalists, they are generally too capital intensive to finance fully with equity. By closing the funding gap, PCDF allows circular production companies to prove their technologies and business models on a commercial scale. Therewith the fund paves the road for other financiers to finance the further scaling of these technologies.

Patient capital accelerates the transition


Jan-Willem König, director of Polestar Capital: “The circular companies that the PCDF finances are capital intensive and take time to realise positive cashflows. This means they require relatively large sums of patient capital. Unfortunately, we don’t have the luxury to be patient in scaling sustainable circular technologies, as we need to reduce our emissions and polluation rather sooner than later. The participation of the new investors in the fund will be of great support in that regard, by further enabling the fund to accelerate the transition to a circular economy.”

Pensioenfonds Detailhandel (the Dutch pension fund for the retail sector), the anchor investor for the fund with a EUR 100 mln participation, is eager to work with the new participants. Henk Groot, CIO of the pension fund: “A year ago, we have put the Netherlands on the map internationally as the first country to open a fund specifically geared towards solving the funding gap for circular economy
projects. The onboarding of new investors in this funding round shows how groundbreaking this fund is. Everyone realises how important it is to make the transition to a circular economy, these new investors help to make sure that this is not just a goal, but a work-in-progress.”


The new investors elaborate on why they decided to participate in the biggest circular debt fund in Europe.

Tim van Vledder, senior Investment Manager at Invest-NL: “Circular scale-ups really need enough financing to accelerate their growth and, by extension, the transition to a circular economy. It is one of the crucial ingredients that the PCDF supplies, by mixing financing with knowledge of the market. A lot of investors don’t have the knowledge or mandate to operate in this crucial market segment. We expect a fruitful collaboration with all the stakeholders in PCDF.”


Maarten van Gaans-Gijbels, deputy for Energy and Climate of the Province of Limburg, adds: “Limburg hosts important innovative ecosystems in the circular economy, notably the Brightlands campuses. The investment of Limburg in PCDF contributes to the Dutch government’s ambition to be fully circular by 2050, by making sure that financing is available for innovative circular economies from Limburg and beyond to scale-up and generate the necessary impact.”


Seada van den Herik, managing director of insurer Onderlinge ’s Gravenhage: “As a mutual insurer we, together with our members, distinguish ourselves by directing attention to societal welfare. PCDF offers us the opportunity to invest in necessary societal changes to make sure welfare continues improving. This is a perfect fit with our mission: Growing older happily, together.”


Gilbert Pluym, managing director of reinsurer De Hoop: “Our mission is to allow everyone to obtain life insurance, even if they have a medical condition. The social impact we try to make with our products also translates to our investment policy, where we want to invest with more than only financial return in mind. Our participation in the PCDF is an expression of this policy.”

Hilversum, 4 april 2023 – Impactinvesteerder Polestar Capital maakt vandaag bekend dat vier nieuwe investeerders deelnemen in het grootste circulaire leningenfonds van Europa. Invest-NL en de verzekeringsmaatschappijen Onderlinge ’s-Gravenhage en De Hoop zijn reeds ingestapt, de provincie Limburg heeft haar investeringsbesluit genomen en treedt op korte termijn toe. Het fonds, dat de naam Polestar Capital Circular Debt Fund (PCDF) draagt, en waar een jaar geleden Pensioenfonds Detailhandel al in investeerde, beheert dan ca. 187 miljoen euro.

Circulaire technologie heeft financiering nodig om wereldwijd impact te maken


Met het PCDF investeert Polestar Capital in circulaire productieondernemingen die systemische en ecologische impact hebben op het gebied van CO 2 - en afvalreductie en het vervangen van fossiele brandstoffen. Vaak gaat het om de financiering van projecten waar innovatieve technologie wordt toegepast waarmee wereldwijd een waardeketen verduurzaamd kan worden. Deze projecten zijn meestal te innovatief voor banken en te kapitaalintensief voor durfkapitaal alleen. Door deze projecten in een vroege fase te financieren, stelt PCDF circulaire productiebedrijven in staat hun
technologie en bedrijfsmodel sneller op commerciële schaal te bewijzen, waarna het voor andere financiers gemakkelijker wordt om de verdere opschaling te financieren.

Het versnellen van de transitie naar een circulaire economie


Jan-Willem König, directeur van Polestar Capital: “Het financieren van circulaire productiebedrijven is kapitaalintensief, waardoor ze relatief grote bedragen aan geduldig kapitaal nodig hebben. Helaas kan de wereld niet wachten tot dit kapitaal door anderen beschikbaar wordt gesteld. We moeten op korte termijn verduurzamen. Diverse innovatieve verduurzamingsoplossingen zijn al beschikbaar, maar hebben nog te weinig schaal om echt impact te hebben. Door deze oplossingen te financieren, kunnen wij de transitie naar een circulaire economie versnellen. Deze nieuwe kapitaalinjectie zal hier
een belangrijke bijdrage aan leveren.”

Pensioenfonds Detailhandel, dat 100 miljoen euro in het fonds investeerde in 2022, is verheugd met de vier nieuwe investeerders. Henk Groot, CIO van Pensioenfonds Detailhandel: “Een jaar geleden is Nederland op de kaart gezet als het eerste land dat een fonds lanceert voor het overbruggen van het financieringsgat voor circulaire productieondernemingen. Dat nu meer investeerders toetreden, bevestigt hoe belangrijk dit fonds is. Iedereen beseft hoe noodzakelijk de transitie naar een circulaire
economie is, het is nu tijd dat daar ook naar gehandeld gaat worden.”


De nieuwe investeerders lichten toe waarom zij zijn ingestapt in het grootste circulaire economie leningenfonds in Europa:

Tim van Vledder, senior Investment Manager bij Invest-NL: “Om de transitie naar een circulaire economie te versnellen, is het cruciaal dat er voldoende kapitaal beschikbaar is voor ondernemingen die hier een belangrijke rol in kunnen spelen. Het PCDF verschaft deze bedrijven toegang tot kapitaal in een essentiële fase van hun groei, namelijk op het moment dat nieuwe technologie voor het eerst op commerciële schaal wordt toegepast. Veel investeerders ontbreekt het aan de kennis of het mandaat om in dit moeilijk te financieren deel van de markt te opereren. PCDF kan dit wel, en we verwachten dan ook een vruchtbare samenwerking tussen deze partijen, die zich niet alleen zal beperken tot een investering in het fonds.”

Maarten van Gaans-Gijbels, gedeputeerde voor Energie en Klimaat van de provincie Limburg, voegt hieraan toe: “Limburg heeft veel aandacht voor de transitie naar de circulaire economie. In Limburg hebben we met de Brightlands-campussen sterke ecosystemen voor innovatie. De Limburgse investering in het PCDF moet ten goede komen aan het behalen van de klimaatafspraken van 2050. Het PCDF zorgt met de investering dat Limburgse circulaire ondernemers na de demonstratie van hun innovatie niet vastlopen door een gebrek aan financiering, maar kunnen doorgroeien totdat zij
rijp zijn voor commerciële financiering en het realiseren van grootschalige impact.”

Seada van den Herik, algemeen directeur Onderlinge ´s-Gravenhage, vult aan: “Als onderlinge verzekeraar onderscheiden we ons door samen met onze leden aandacht te besteden aan maatschappelijk welzijn. PCDF biedt ons de mogelijkheid te investeren in een maatschappelijk nuttige en noodzakelijke verandering die bijdraagt aan het verbeteren van het welzijn. Dit past naadloos bij onze missie: Gelukkig ouder worden doen we samen.”

Gilbert Pluym, algemeen directeur van De Hoop: “Wij hebben een maatschappelijke missie om een kwetsbare groep mensen toegang te geven tot overlijdensrisicoverzekeringen. Ook met onze beleggingen willen wij een maatschappelijke bijdrage leveren. Onze kwetsbare doelgroep heeft baat bij een circulaire economie met minder vervuiling en afval. Onze investering in het PCDF geeft daar invulling aan.”

PCDF grows to EUR 187 mln with the participation of four new investors. The Dutch state impact investor Invest-NL and the insurers Onderlinge s‘Gravenhage and De Hoop have already invested, the Province of Limburg has made its investment decision but is still in the process of formalizing its participation.

The Polestar Capital Circular Debt Fund welcomes Invest-NL, Onderlinge s‘Gravenhage, De Hoop and the province of Limburg as investors

Invest-NL, Onderlinge ’s-Gravenhage, De Hoop en de provincie Limburg investeren 85 miljoen euro in het Polestar Capital Circular Debt Fund

Hilversum, March 10, 2025 - The Polestar Capital Circular Debt Fund (PCDF) announces its debt financing of Xycle, a pioneer in the chemically recycling of mixed plastic waste into their molecular building blocks. With the financing of PCDF, Xycle complements the equity and debt funding for the construction of their innovative 21 kiloton pyrolysis recycling facility in Europoort Rotterdam.

Currently, only a limited amount of plastic waste is being recycled. Most plastics end up in landfills, is incinerated, or enters the environment. This has significant and negative environmental and societal consequences. The amount of plastic waste produced annually exceeds the reach of existing recycling efforts, resulting in valuable resources being downgraded or lost. Moreover, our plastic usage is only set to increase further in the coming years. To reduce our dependency on virgin fossil fuels and combat the growing plastic waste problem, innovative solutions in plastic recycling are much needed.

Xycle has developed a groundbreaking pyrolysis-based technology that can sustainably process mixed plastic waste. Xycle is a venture of Dow, Vopak, NoWIT, Teknow, ING, and Invest-NL. The advanced pyrolysis technology of Xycle allows mixed plastic waste to be converted into valuable circular materials through thermal decomposition in an oxygen-free environment. This technology breaks down plastic molecules in a way that allows the materials to be reused in the production of new virgin-quality plastics, without the need for fossil resources.

With the funding raised, Xycle will construct a demonstration facility in the harbour of Rotterdam, consisting of a proven pre-treatment installation, followed by several pyrolysis lines that can process 21 kiloton of mixed plastic waste per annum. In addition, recycling of plastic waste has a significant positive effect on the reduction of CO2 emissions.

We are very pleased with the supportive partnership with PCDF. With their loan, they contribute a significant part of the funding of our recycling facility in Rotterdam. This enables us to lay the foundation for future growth.”

“Xycle is one of the most promising projects in the chemical recycling of plastics. With its very efficient pyrolysis technology, Xycle is able to process a wide variety of mixed waste plastic and convert them in recycled feedstock to produce virgin-grade plastic again. PCDF is proud to support Xycle in the funding for their plant in Rotterdam Europoort, and we are confident that the company will make a large positive environmental impact in the years to come.”

PCDF is the largest debt fund of Europe dedicated to financing the transition to a circular economy. The fund recently closed its fundraising with €240 million capital. Through PCDF, Polestar Capital invests in innovative circular projects with the potential to create worldwide systemic ecological impact, both by waste reduction and recycling as well as the substitution of fossil fuels. This lowers the use of virgin resources, as well as carbon emissions. Often, these projects have difficulty raising enough funding. Banks usually find such projects too innovative and the projects are generally too capital intensive for venture capitalists to finance the non-subsidised part entirely with equity. By closing this funding gap, PCDF allows circular production companies to prove their technologies and business models on a commercial scale. In doing so, the fund paves the road for other financiers to finance the further scaling of these technologies. Investments by PCDF benefit from support from the European Union under the InvestEU Fund. For more information visit 

Xycle is a leading innovator focussed on sustainably processing mixed plastic waste through chemical recycling. The company aims to develop circular solutions that contribute to the global shift towards a more sustainable and circular economy. The technology used was originated in India around 2008 and brought to the Netherlands ten years later through a partnership with NoWIT, a Dutch project developer specialised in waste treatment and recycling. In 2019, the pilot plant was constructed, and tests were successfully run. After the pilot plant was proven to be successful, the first joint venture was founded in 2020. Vopak joined shortly after the joint venture was initiated. Further expanding the business, Xycle recently attracted Dow, ING and Invest-NL as shareholders, making the company ready to produce pyrolysis oil on a commercial scale. Xycle aims to further develop circular solutions that contribute to the global shift towards a more sustainable and circular economy. For more information visit 

The Polestar Capital Circular Debt Fund (PCDF) announces its debt financing of Xycle, a pioneer in the chemically recycling of mixed plastic waste into their molecular building blocks.

The Polestar Capital Circular Debt Fund announces its debt financing of Xycle

The 2024 report explains how impact drives our work, presenting the framework that guides us towards measurable result. It outlines our approach to impact measurement and management throughout the investment cycle. Furthermore, the report highlights our progress towards achieving our quantitative fund targets and shows how we contribute to the circular ecosystem.

In 2024, the Polestar Capital Circular Debt Fund (PCDF) reached a final close of ~€240 million and accelerated the transition towards a circular economy by issuing four loans. PCDF focused on gamechangers; innovative production scale-ups in the Netherlands that avoid GHG-emissions, waste, and abiotic resource use, which can be scaled or replicated once commercially proven.

PCDF financed four frontrunners in the transition to a circular economy:

BioBTX – €15m to realise Europe’s first commercial-scale facility producing renewable aromatics (BTX) from non-food biomass and plastic waste, reducing reliance on fossil feedstocks.

Circtec – €20m to convert 40 kton end-of-life tires into recovered carbon black and circular hydrocarbons per annum, with potential to scale to 175 kton capacity on the same site.

Xycle – €20m to sort and chemically recycle mixed plastic waste (DKR 350) into high-quality pyrolysis oil in Rotterdam.

Uppact – €3m to turn residual contaminated plastic and textile waste — that would otherwise be incinerated — into construction products via a low-temperature, additive-free process.

As impact is one of the key drivers, PCDF integrates impact measurement and management throughout its entire investment cycle. A structured and data-driven approach, applying LCA-based forecasts, provides for a robust foundation during the decision-making process. Post-investment, annual KPI-reporting monitors progress on both qualitative and quantitative outcomes, aligning with global sustainability standards where possible (such as IRIS+). PCDF assesses impact across key dimensions, including environmental benefits, social outcomes and economic results.

For the four issued loans, the quantitative fund objectives are linked to cumulative fund-level targets and mapped based on the expected (ex-ante) direct impact measurements. 

Bridging the valley of death in difficult market conditions

There is a persistent funding gap for first-of-a-kind (FOAK) production facilities: often too innovative for banks, and too capital-intensive for VCs and subsidies alone. PCDF’s direct lending bridges this gap, while applying structured risk mitigants and targeting market-rate returns.

In addition, circular economy industries faced challenging market conditions during 2024. For example, Europe’s plastics output weakened and multiple Dutch recyclers defaulted or ceased operations, tightening bankability-thresholds. Even so, our pipeline spans a wide range of sectors, as reflected in the report, from plastics to other high-impact circular solutions. PCDF responded by prioritising projects with strategic offtake, robust feedstock strategies, and site readiness (e.g., permit, nitrogen, grid). The team reviewed a total of 210 opportunities, kept 137 active, and is advancing ~€215m across 16 prospects towards potential financing in 2025-2026. 

“The challenges of 2025 will not deter the most determined innovators. They will sharpen their focus, strengthen their partnerships, and continue to lead the way. PCDF will be there to support them, helping to turn ambition into action, and action into impact.”

PCDF Impact Report 2024

The 2024 report explains how impact drives our work, our progress towards achieving our fund targets and shows how we contribute to the circular economy.

PCDF presents its impact report for 2024

The Polestar Capital Circular Debt Fund announces its €15 million debt financing of BioBTX, a pioneering developer of renewable aromatics technology in the Netherlands. In total, BioBTX has secured over €80 million to launch the world's first commercial-scale renewable chemicals plant, utilising BioBTX's innovative technology to produce sustainable aromatics (BTX) from plastic waste and biomass.

BioBTX is at the forefront of the circular chemical industry

By converting plastic waste and biomass into renewable aromatics, BioBTX is spearheading the creation of a circular chemical industry, significantly reducing carbon emissions and reliance on fossil fuels. Aromatics, essential for producing everyday products like insulating foams, coatings, PET bottles, batteries, and pharmaceuticals, will now have a sustainable alternative to fossil-based sources, presenting a major opportunity for circular business models. As a leading technology developer since 2012, Groningen-based BioBTX aims to scale up its revolutionary technology at the PETRA Circular Chemicals Plant in Delfzijl. The PETRA plant will convert 20,000 tons of mixed plastic waste annually into renewable aromatics, replacing fossil resources and recycling low-value plastic waste into high-value chemicals. Once production is proven, the company intends to roll out the technology to chemical industry customers worldwide.

The Polestar Capital Circular Debt Fund (PCDF)

PCDF is the biggest circular debt fund of Europe, recently closing its fundraising with €240 million capital. Through PCDF, Polestar Capital invests in innovative circular projects with the potential to create worldwide systemic ecological impact, both by waste reduction and recycling and by the replacement of fossil fuels. This lowers the use of virgin resources, as well as carbon emissions. Often, these projects have difficulty raising enough funding. Banks usually find such projects too innovative and the projects are generally too capital intensive for venture capitalists to finance entirely with equity. By closing this funding gap, PCDF allows circular production companies to prove their technologies and business models on a commercial scale. In doing so, the fund paves the road for other financiers to finance the further scaling of these technologies.

Accelerating the transition to a circular economy

Ton Vries, CEO of BioBTX, says: "We are proud to welcome Polestar Capital as a finance provider. Thanks to its specialist approach and customisation, the PCDF debt financing fits well with the needs of BioBTX, allowing us to build our plant in Delfzijl. A milestone like this is only achieved when parties come together to contribute to a greater goal. This funding is a crucial step in creating a sustainable pathway for the chemical industry – and we are excited to take the lead from Groningen".

Jan-Willem König, director of Polestar Capital, comments: "With the financing of BioBTX, PCDF enables one of the most promising innovative circular projects in the Netherlands. BioBTX has developed a unique and very promising technology with the potential to accelerate the transition to a circular economy. The PETRA Circular Chemicals Plant in Delfzijl will significantly reduce carbon emissions and reliance on fossil fuels. PCDF is proud to be one of the financiers, contributing to a more sustainable chemical industry".

The Polestar Capital Circular Debt Fund finances BioBTX, a pioneering developer of renewable aromatics technology in the Netherlands

Met een bedrag van maar liefst 100 miljoen euro opende Polestar Capital recent het grootste circulaire economie investeringsfonds in Europa.

Het fonds gaat leningen verstrekken aan innovatieve circulaire projecten. Nederland is het eerste land dat zo’n groot circulair investeringsfonds opent.

Nog dit jaar wordt een doorgroei verwacht naar een slordige € 400 miljoen.

Met een bedrag van maar liefst 100 miljoen euro opende Polestar Capital recent het grootste circulaire economie investeringsfonds in Europa. Het fonds gaat leningen verstrekken aan innovatieve circulaire projecten.

Polestar Capital Circular Debt Fund (PCDF) zet in op aanjagen circulaire economie – Milieu magazine juni 2022

Plastic use continues to grow, leading to a growing environmental footprint. Therefore technologies to recycle plastic become more and more important. While mechanical recycling has long been the go-to solution, its limitations leave vast amounts of plastic still incinerated. Other solutions need technology development and scaling up to increase the amount of recycled plastic content. By examining the Dutch chemical recycling landscape, we highlight the Polestar Circular Debt Fund perspective on how chemical recycling holds promise as a critical, scalable technology to close the loop in plastic circularity. But can chemical recycling deliver?

Our presentation "Closing the Plastics Loop: Can chemical recycling deliver on the promise?" provides our view at what chemical recycling's role should be in enabling a circular plastics economy. Pyrolysis projects dominate in both maturity and scale, driven by attractive market pricing for pyrolysis oil and bolstered by long-term offtake contracts. with promising developments in the Netherlands. Regulatory mandates like the EU’s Packaging and Packaging Waste Regulation (PPWR) are creating a strong demand for recycled content, far outpacing current chemical recycling capacity.

Chemical recycling alone is not the silver bullet, but a necessary link in reducing plastic incineration and enabling material recovery at scale. PCDF is therefore financing plastic pyrolysis projects in the Netherlands, to help chemical recycling deliver on its promise and helping it reach the necessary scale.

In the attached presentation we further delve into this topic. For more information about this presentation or about PCDF, please contact us.

Closing the plastics loop: Can chemical recycling deliver on the promise?

Our presentation "Closing the Plastics Loop: Can chemical recycling deliver on the promise?" provides our view at what chemical recycling's role should be in enabling a circular plastics economy.

Can chemical recycling deliver on the promise?

announced the launch of the biggest circular economy fund in Europe. The fund, called the Polestar Capital Circular Debt Fund (PCDF), has opened at €100 million, and expects to grow to €400 million within a year.

is the first investor in the fund. The fund will extend loans to innovative Dutch circular economy projects, thereby facilitating finance that is urgently required but hard to obtain elsewhere. The combined amount of capital entrusted to Polestar Capital comes close to €1 billion after this first close of the PCDF.

Polestar Capital bridges the funding gap, driving growth on a global scale

With the PCDF, we aim to invest in around thirty circular projects with the potential to create systemic ecological impact in the areas of carbon emission and waste reduction and the replacement of fossil fuels, but which are currently not realised due to a lack of funding. In contrast with the Polestar Capital Circular Debt Fund, banks usually find such projects too innovative, and for venture capitalists, they are generally too capital intensive to finance in full. By closing the funding gap, PCDF allows circular production companies to prove their technologies and business models on a commercial scale. In this way, the fund paves the road to future large-scale applications, altering linear value chains into circular value chains for good. Polestar Capital’s initiative allows the Netherlands to play a pivotal role in the global transition towards a circular economy, and contributes to the Dutch government’s ambition to be fully circular by 2050.

Pensioenfonds Detailhandel wants to accelerate the transition

Polestar Capital’s particular knowledge of the opportunities and risks associated with circular business models and investments was a major factor influencing the pension fund’s decision to invest €100 million in the fund. As Henk Groot, CIO of the pension fund, puts it: “Polestar Capital has proven that they have a unique understanding of what is needed in order to finance the first commercial application of a circular business model, which is something that banks are still unwilling to do at an early stage. By working together with Polestar Capital for the establishment of this fund, we hope to accelerate the transition towards a circular economy. This will also help us make our 1.3 million participants pensions more future-proof and sustainable.” 

The pension fund and Polestar Capital anticipate that an additional €300 million will be raised during the coming year, given the ample interest from investors. Jan-Willem König, partner at Polestar Capital, has high expectations of the collaboration. König:

“The circular companies that the PCDF finances are capital intensive, meaning they require relatively large sums of patient capital. This makes them well suited to investors with long-term investment horizons, like Pensioenfonds Detailhandel. And – it goes without saying – I am personally proud that, by establishing this fund, we have put the Netherlands internationally on the map as the first country to open a circular economic fund of this kind.”

maakt vandaag bekend het grootste circulaire economie investeringsfonds in Europa te openen. Het fonds, dat de naam Polestar Capital Circular Debt Fund (PCDF)draagt

 en zal naar verwachting dit jaar doorgroeien tot € 400 miljoen. Het fonds gaat leningen verstrekken aan innovatieve Nederlandse circulaire projecten die zonder de lening niet of vertraagd gerealiseerd zouden worden. Het totale aan Polestar Capital toevertrouwde vermogen komt met de lancering van PCDF uit op bijna € 1 miljard.

Polestar Capital dicht het financieringsgat voor groei naar wereldwijde schaal

Met het PCDF verwachten wij te investeren in ruim dertig circulaire projecten die de potentie hebben om een systemische en ecologische impact te hebben op het gebied van CO₂- en afvalreductie en het vervangen van fossiele brandstoffen, maar die nu niet kunnen groeien door een gebrek aan financiële steun. In tegenstelling tot het PCDF vinden banken dergelijke projecten namelijk nog te innovatief en ze zijn te kapitaalintensief voor durfkapitaal. Door het financieringsgat te dichten wil het fonds circulaire productiebedrijven in staat stellen om hun technologie en bedrijfsmodel op commerciële schaal te bewijzen, waardoor grootschalige toepassing en wereldwijde impact mogelijk wordt. Het PCDF levert daarmee ook een belangrijke bijdrage aan het behalen van de doelstelling van de Nederlandse overheid om in 2050 volledig circulair te zijn. 

Pensioenfonds Detailhandel wil versnellen

Met name de kennis van Polestar Capital van de kansen en risico’s van circulaire businessmodellen en beleggingen was voor Pensioenfonds Detailhandel een belangrijke reden om € 100 miljoen in het fonds te investeren. Henk Groot, CIO Pensioenfonds Detailhandel, zegt hierover: “Polestar Capital heeft bewezen dat zij als geen ander begrijpen wat nodig is om de eerste toepassingen van een circulair businessmodel te financieren, iets wat banken in deze fase meestal nog niet kunnen. Door nu samen met hen dit fonds op te richten hopen wij de belangrijke transitie naar een circulaire economie te versnellen, waarmee wij het pensioen van onze 1,3 miljoen deelnemers duurzamer en toekomstbestendiger maken.” 

Pensioenfonds Detailhandel en Polestar Capital verwachten dat komend jaar nog € 300 miljoen extra opgehaald gaat worden op basis van de animo die er is. Jan-Willem König, een van de partners van Polestar Capital, kijkt ernaar uit om samen met Pensioenfonds Detailhandel de transitie naar een circulaire economie te versnellen. König:

“De circulaire bedrijven die PCDF financiert zijn kapitaalintensief, waardoor ze relatief grote bedragen aan geduldig kapitaal nodig hebben. Hier passen investeerders met een lange beleggingshorizon bij, zoals Pensioenfonds Detailhandel. Het spreekt voor zich dat ik trots ben dat we door de oprichting Nederland op de kaart hebben gezet als het eerste land dat zo’n groot circulaire economie investeringsfonds opent.”

Today Polestar Capital announced the launch of the biggest circular economy fund in Europe. The fund, called the Polestar Capital Circular Debt Fund (PCDF), has opened at €100 million, and expects to grow to €400 million within a year.

Global material use has tripled during the last 50 years, and the earth’s biosphere is excessively consumed

Six of nine planetary boundaries are being exceeded…

…but if we replace our value chains with more sustainable ones, the planetary boundary overshoot can be reversed.

If we accelerate the transition to a circular economy now,
we can already experience the positive effects in the next decades

PCDF aims to finance game changers with ample lasting impact

Our fund objectives:

Our fund KPIs (measured per euro invested):

IMPACT MEASURED IN THREE CATEGORIES

THE GAME-CHANGER EFFECT WE STRIVE FOR