NetScientific plc has announced that its portfolio company, DeepTech Recycling Limited, a plastic recycling technology business, has successfully closed a £0.8 million fundraising, bringing the combined investment amount to £2.1 million. The fundraising will support DeepTech Recycling in the completion of a development phase for its pilot plant, technology development, licensing strategy, and the set-up of its operating base and core team.
The fundraising was led and syndicated by EMV Capital, the Company's wholly owned venture capital and corporate finance firm, and included further investment from EMV Capital's EMVC Evergreen EIS Fund. Following the fundraising, NetScientific's direct stake in DeepTech Recycling will be 21.2% on a fully diluted basis, representing a post-investment fair value uplift of £1.8 million.
DeepTech Recycling has developed a chemical recycling solution for different types of plastic waste, aiming to make plastic sustainable and support the global drive towards a circular economy for plastics. Since the fundraise announced in December 2023, the company has made significant progress, including the signing of a Memorandum of Understanding to develop a commercial plastics recycling facility in the UK, identifying sites and strategic partners for a 7,000-tonne per annum project, and enhancing its team through strategic hires of new employees.
Dr Ilian Iliev, CEO of NetScientific and Interim Chair of DeepTech Recycling, expressed excitement about supporting the progress of major projects in the UK and internationally, highlighting the transformation of a once undervalued and distressed asset into a thriving venture. Marvine Besong, Managing Director and CTO of DeepTech Recycling, acknowledged the unique support provided by EMV Capital and expressed optimism about the company's future projects in the UK and internationally.
The announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014. For more information, interested parties can contact NetScientific or Panmure Gordon (UK) Limited. NetScientific plc is a deep tech and life sciences VC investment group with an international portfolio of innovative companies.