TLDR:
- NetScientific’s portfolio company, DeepTech Recycling, raised £0.8 million in funding.
- This brings the total investment to £2.1 million, with NetScientific holding a 21.2% stake.
NetScientific PLC, a venture capital investment group, announced that its portfolio company, DeepTech Recycling, successfully closed a £0.8 million fundraising round, bringing the total investment to £2.1 million. DeepTech Recycling, focused on tackling plastic pollution, plans to use the funds to complete its pilot plant and advance its technology and licensing strategy. After the fundraising, NetScientific now holds a 21.2% stake in DeepTech Recycling, resulting in a value uplift of £1.8 million.
DeepTech Recycling has developed a chemical recycling solution for plastic waste and recently achieved significant milestones, including signing a memorandum of understanding for a commercial recycling facility in the UK and securing a purchase order for the initial development phase. The company is also making progress on a 7,000-tonne per year project, identifying potential sites, and partnering with strategic contractors. Additionally, DeepTech Recycling has made key hires, such as Jonathan Seville as a technical adviser, and secured new premises in Oxfordshire for technology development.
This fundraising round showcases NetScientific’s ability to support innovative solutions to pressing environmental challenges and highlights DeepTech Recycling’s potential for growth and impact in the sustainability sector.
