A fledgling London-based company has secured £800,000 as it bids to build a commercial-scale chemical recycling plant for plastic waste.
DeepTech Recycling said the latest tranche of investment took its overall funding above £2 million.
The company was created in late 2022 to acquire the majority of the assets of failed outfit Recycling Technologies from administrators.
It has since signed a memorandum of understanding to develop a 7,000-tonne-per-annum commercial plastics recycling facility in the UK.
DeepTech said it had also identified a shortlist of sites and was in the process of appointing an engineering, procurement and construction contractor.
The latest fundraising round was led by the deep tech venture capital firm EMV Capital.
DeepTech managing director Marvine Besong said: “EMV Capital has provided a unique support package, helping our team to … access a supportive investor base that is committed to ESG and real impact in the plastic waste management space.
“Only one and a half 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.”
