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DeepTech Recycling secures new funding to advance technology addressing environmental challenges of plastic waste



DeepTech Recycling is delighted to announce it has secured a new tranche of £0.8 million in funding, allowing the company to advance its mission of making plastic sustainable and supporting the critical global drive towards a circular economy for plastics. DeepTech Recycling has a patented technology platform which converts hard-to-recycle plastic waste into high-value, on demand products.

 

The fundraising was led by the deep tech venture capital firm EMV Capital, a wholly owned subsidiary of NetScientific PLC. The fundraising follows a first closing of c.£1.3 million that was completed in December 2023, bringing the total amount raised to c.£2.1 million.

 

The funding will, inter alia, continue to support DeepTech Recycling in the completion of a development phase for its pilot plant, development and adaption of its targeted technology and licensing strategy, as well as the set-up of its operating base and development of its core team.

 

Since its December fundraise, DeepTech has made significant progress, including:

 

  • The signing of 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, the identification by DeepTech Recycling of a shortlist of sites and strategic partners for a 7,000-tonne per annum project.

  • The progression of an appointment process of a FEED/EPC contractor, from a high-profile shortlist.

  • The enhancement of DeepTech Recycling’s team through strategic hires of new employees. The company has also welcomed Jonathan Seville, previously President of the Institution of Chemical Engineers and Executive Dean of Engineering and Physical Sciences at the University of Surrey, as a Technical Adviser.

  • New premises have been secured and set up with labs and a testing plant in Oxfordshire, which will provide the crucial infrastructure to ensure focus  on the technology development.

 

DeepTech Recycling has a unique, patented and proven technology platform, which was developed over more than 10 years of structured and accelerated development and commercialisation. The company believes it has a strong position in a massive market, amidst a growing recognition that chemical recycling is going to be an essential route for dealing with the environmental challenges of plastic waste and ensuring sustainable and circular polymer production.


Marvine Besong, Managing Director and CTO of DeepTech Recycling, said:

“NetScientific and EMV Capital have 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. 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, MD of EMV Capital, and Interim Chair of DeepTech Recycling, said:

“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-light and value-creation strategy, turning a once undervalued and distressed asset, effectively valued at zero in 2022, into a thriving venture, and providing the EMV Capital investors with a significant and valuable stake at minimal cost.”

 

About DeepTech Recycling Limited

DeepTech Recycling is a UK-based technology company born out of a global environmental crisis caused by insufficient and unsustainable management of plastic waste. The company’s mission is to make plastic sustainable and support the critical global drive towards a circular economy for plastics.


DeepTech Recycling has a unique, patented and demonstrated technology platform, which was developed over more than 10 years of structured and accelerated development and commercialisation, and offers a unique innovative solution to the environmental challenges of plastic pollution.


The technology converts currently unrecyclable plastic waste, that would normally be landfilled or incinerated, into oil that can be used by the petrochemical industry as the feedstock for producing virgin quality plastic.

 

About EMV Capital

EMV Capital is an award-winning VC investor specialising in early stage high-growth deep tech companies in the life science, sustainability, and industrials sectors in the UK and internationally.

 

EMV Capital develops unique investment strategies for each portfolio company, drawing on its EIS fund and extensive network of private investors, family offices, institutions, and corporate VCs. Delivery and successful execution of these investment strategies enables innovative portfolio companies to raise funding to drive transformational growth.

 

Through its value creation services practice, EMV Capital takes a more active operational role to drive outsized returns for select investments, including business planning, financial modelling, recruitment, and restructuring support.


EMV Capital is a wholly owned subsidiary of NetScientific plc (AIM:NSCI), an AIM-quoted VC investment group with a focus on deep tech and life sciences.

 

 

For any enquiries, please contact Belvedere Communications:

 

John West:           +44 (0) 207 653 8702

Llew Angus          +44 (0) 207 653 8703

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