DeepTech Recycling raises £2.1m to expand chemical recycling pilot
NetScientific plc has announced that its portfolio company, which aims to tackle difficult to recycle plastic waste, has closed its latest funding round.
DeepTech Recycling, a UK-based technology company, which has developed patented technology to convert plastic waste into oil that can be used by the petrochemical industry as the feedstock for producing virgin quality plastic, has announced it has just raised an additional £800k, bring total announced in last six months to £2.1M.
The company has recently signed a Memorandum of Understanding to develop a commercial plastics recycling facility in the UK, with a purchase order received for the first stage of the facility development project.
For a second project, DeepTech Recycling has identified a shortlist of sites and strategic partners for a 7,000-tonne per annum project. The company has also progressed the appointment process of a FEED/EPC contractor and secured new premises with labs and a testing plant in Oxfordshire, which will provide the crucial infrastructure to ensure focus on the technology development.
The Fundraising follows a first closing of £1.0 million via an advanced subscription agreement ("ASA") that was completed in December 2023 and a second close of the ASA of £0.3 million shortly thereafter. The proceeds will continue to support DeepTech Recycling in the completion of a development phase for its pilot plant, development and adaptation of its targeted technology and licensing strategy, as well as the set-up of its operating base and development of its core team.
Marvine Besong, Managing Director and CTO of DeepTech Recycling, said: "EMV Capital has provided a unique support package, helping our team to restart and accelerate progress with DeepTech Recycling, and to access a supportive investor base that is committed to ESG and real impact in the plastic waste management space. It is only 1.5 years since the start of the company, we are now poised to take on exciting projects in the UK and internationally, driving sustainability in plastics and transforming waste into high-value resources. The future looks promising for DeepTech Recycling."
Dr Ilian Iliev, CEO of NetScientific and Interim Chair of DeepTech Recycling, commented: "Marvine and his team have effectively leveraged the recent fundraise, accelerating DeepTech Recycling through critical development phases. We are excited to support their progress in major projects in the UK and internationally. This journey perfectly exemplifies our capital efficient and value-creation strategy, turning a once undervalued and distressed asset, effectively valued at zero in 2022, into a thriving venture, and providing NetScientific shareholders with a significant and valuable stake at minimal cost."
