NetScientific PLC (AIM:NSCI), a venture capital investment group, said its portfolio company, DeepTech Recycling, closed a £0.8 million fundraising.
This brings the total investment to £2.1 million. DeepTech Recycling, focused on solving plastic pollution, will use the investment to complete its pilot plant and develop its technology and licensing strategy.
Post-fundraising, NetScientific holds a 21.2% stake, reflecting a value uplift of £1.8 million.
DeepTech Recycling has developed a chemical recycling solution for plastic waste.
Recent achievements include signing a memorandum of understanding to develop a commercial recycling facility in the UK, with a purchase order for the initial development stage, and identifying potential sites and partners for a 7,000-tonne per year project.
It is also progressing with its FEED/EPC contractor while making strategic hires including Jonathan Seville as technical adviser, and securing new premises with labs and a testing plant in Oxfordshire for technology development.