Business
DeepTech Recycling secures £1 million investment
DeepTech Recycling secures £1 million investment.
About this update from Emv Capital Plc
[{"type":"text","content":"\nFor release on RNS: 07.00, 1 December 2023\n \n \n \n \nNetScientific plc\n(\"NetScientific\" or the \"Company\")\n \nPlastic recycling technology company DeepTech Recycling secures £1 million investment\nNetScientific Plc (AIM: NSCI), the deep tech and life sciences VC investment group, announces that its portfolio company DeepTech Recycling Limited (\"Deeptech Recycling\") has successfully closed a £1 million fundraising (\"Fundraising\").\nDeepTech Recycling is a UK deep tech company born out of a global environmental crisis caused by insufficient and unsustainable management of plastic waste. Its mission is to make plastic sustainable and support the critical global drive towards a circular economy for plastics through chemical recycling of plastic waste. DeepTech Recycling has a unique, patented and proven technology platform, which was developed over more than 10 years of structured and accelerated development and commercialisation, and offers unique and innovative solutions to the environmental challenges of plastic pollution.\nThe Fundraising, carried out via an advance subscription agreement, constitutes the first closing of a target investment programme of c.£3 million, with further investment anticipated within the next six months. The Fundraising was led and syndicated by EMV Capital, the Company's wholly owned venture capital and corporate finance firm.\nIn December 2022, DeepTech Recycling, in which the NetScientific group holds a 30 per cent. stake, acquired the majority of assets of Recycling Technologies Limited out of administration. Since the acquisition, the value creation team of EMV Capital has worked closely with DeepTech Recycling to consolidate assets and IP, embark on further research and development programmes, and start on the commercial roadmap of the business.\nThe proceeds of the Fundraising will, inter alia, support DeepTech Recycling in the completion of a development phase for its pilot plant, development and adaption of its targeted technology and licensing strategy, as well as the set-up of its operating base and development of its core team.\nThe advance subscription funds will only be applied for shares in the capital of Deeptech Recycling upon, inter alia, Deeptech Recycling raising at least £1.5 million (or such lower amount as may be agreed between the parties) ...