70 jobs are to be created by Trifol Resources at their facility near Littleton.
The company transform old waste plastic into a mix of sustainable fuel and wax products.
Minister for Finance Jack Chambers has welcomed the news with a further 400 indirect jobs to be created upstream and downstream of the Lanespark plant.
Trifol already employ 15 people and this will increase to 30 in 2025.
Expansion plans are already in place to add 12 more reactors which will increase the number of people employed to 70 by 2030.
Some 45 people have already been involved in the build out of the plant over the last two years.
Trifol secured €3 million in grant aid through the European Union LIFE Programme in 2022 while commercial production commenced in June of this year.
Agreements have now been reached with Shell Chemicals Europe to purchase all of Trifol’s ‘Pyrolysis’ oil, and further agreements have been made with the German giant H&R to purchase the sustainable wax, which is also produced in the pyrolysis production.
