DeepTech Recycling secures investment for plastic recycling technology

DeepTech Recycling has announced a first investment of 1 million pounds sterling ($1.26 million U.S.), which it says will allow it to advance its strategy to deploy solutions to solve the issue of insufficient and unsustainable management of plastic waste.

DeepTech, headquartered in the U.K., has a patented technology platform which converts hard-to-recycle plastic scrap typically sent to landfills or incinerators and converts it to oil, which can then be used by the petrochemical industry as the feedstock for producing virgin-quality plastic.

The company says the funding will support it in its commercialization of the technology through partnerships with corporate players in the plastic scrap and industrials space. In December 2022, the company acquired the majority of assets of Recycling Technologies Ltd. out of administration. Since the acquisition, the value creation team of London-based EMV Capital has worked closely with DeepTech to consolidate assets and intellectual property, embark on further research and development programs and start on the commercial roadmap of the business.

“This investment represents a significant vote of confidence in our mission to transform nonrecyclable plastic waste into high-value oil products, a process that is a key lever in achieving substantial reductions in plastic waste disposal and greenhouse gas emissions,” says Marvine Besong, DeepTech’s managing director and chief technology officer. “The oil products generated can be used by the petrochemical industry as the feedstock for producing virgin-quality plastics, further reinforcing our passionate support for the drive towards a circular economy.

“As the business continues to make strong progress, we will leverage this new capital injection to scale up our operations and accelerate the realization of our robust pipeline of opportunities,” Besong continues. “EMV Capital has played a key role in facilitating our fundraising initiatives, as well as the relaunch of the business. We are grateful for the insightful contributions of their value creation team.”

DeepTech says its technology platform has been developed over more than 10 years and offers a unique solution to the environmental challenges of plastic pollution.

“We are pleased with the outcome of this pivotal fundraising for DeepTech Recycling,” says Dr. Ilian Iliev of EMV Capital, who also is chair and investment director at DeepTech. “The company’s innovative chemical recycling platform can be integrated and scaled into the existing waste management value chain internationally. It is a balanced approach, addressing the global plastic waste crisis while recognizing the importance of plastic in the modern economy. We look forward to continuing to work with DeepTech Recycling as it actively contributes to a cleaner, more sustainable future.”