DeepTech Recycling managing director and chief technology Marvine Besong talked with Proactive about the company's recent fundraising efforts and future strategy as it continues to gain traction a year and a half after the company was set up to acquire the bulk of the assets of Recycling Technologies.
DeepTech Recycling, a NetScientific PLC (AIM:NSCI) portfolio company, has successfully raised an additional £800,000, bringing its total fundraising to £2.1 million. This significant achievement underscores the urgency of addressing plastic waste and the confidence investors have in DeepTech’s innovative solutions.
Besong highlighted the company’s strategic shift towards providing technology solutions rather than owning and operating recycling plants. This capital-light strategy focuses on licensing technology to other companies, such as packaging producers, to help them meet their extended producer responsibility (EPR) commitments. The recent funds will support ongoing customer projects and the establishment of critical facilities.
Besong discussed the memorandum of understanding (MOU) signed for a new recycling facility in the UK and plans for a larger commercial project. These projects are poised to generate revenue, marking a crucial step for the company.