Alteo Wins Big State Grant: Alternative Energy Company in Hungary Invests in Recycling Technology

  • 19 Jan 2024 11:18 AM
  • Hungary Around the Clock
Alteo Wins Big State Grant: Alternative Energy Company in Hungary Invests in Recycling Technology
FE-Group Invest, a subsidiary of BSE-listed alternative energy company Alteo, has won a Ft 300 million grant to set up a new waste processing plant and buy special machinery for the recycling of PET bottles and metal cans, Portfolio reports.

A state grant covers 70% of the investment costs, with the remaining part financed from the company’s own resources.

The technology will allow FE-Group to process 1,400 tons of PET bottles and 3,050 tons of aluminium annually from around 15,210 tons of mixed waste. Additionally, the company will be able to separate another 760 tons of metals from the waste.

In late 2022, Alteo was taken over by two venture capital funds and MOL, which won a 35-year municipal waste management concession earlier that year. From July 2023 it has been responsible for the collection of municipal waste.

Its subsidiary MOHU was assigned to the operation of the new Deposit Refund Systems.

Starting this year, all metal cans, glass and PET bottles will carry a Ft 50 deposit fee, but the system will only be fully running from July 1, as manufacturers and retailers received a six-month grace period.

About Alteo: 

As a modern company with circular economy approach embedded in our organizational culture, we love and seek challenges. We are not afraid of the unknown, always ready to discover something new, better, more sustainable, more efficient, and more effective. That is why innovation and sustainability are at the heart of our operation: we believe that the energy affairs of the future will be based on awareness and personalized needs.

We are constantly looking for investment and expansion opportunities, and are working towards providing the highest quality, most innovative services to our customers and partners. We communicate this unified, dynamic image of a sustainable future to all our stakeholders through an assertive, self-identified yet distinctive identity.

Our vision: As a forward-thinking and forward-looking company, our vision is to create a sustainable business advantage for our partners by providing the best energy solutions available today, and to become hand in hand the companies of tomorrow.

Our mission: In a fast-changing world, our flexibility is built on a strong foundation of deep-rooted knowledge. As specialists in evolution, we challenge today’s solutions to create tomorrow in the framework of innovate thinking.

Click here to know more about Alteo

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