London-based Greenback Technologies has completed part of a pre-Series B funding round, which was supported by both new and existing investors. The extra funding has enabled the company to convert a loan made under the UK Government’s Future Fund scheme into equity.
Greenback Recycling Technologies
Greenback secures recycling plant funding boost
Greenback's advanced recycling plant in Mexico
In addition, Greenback has raised further funds through the sale of ecoveritas. This specialist consulting firm provides data-driven services, which assist with compliance and provenance, to customers in the packaging industry. ecoveritas was acquired by its existing management team backed by a consortium of international investors.
Greenback has also appointed a new non-executive director, Craig Arnold, who joins the Board bringing with him extensive experience gained in executive leadership roles with global responsibilities and spanning a variety of industries.
Greenback thus aim to proceed with the deployment of a new advanced recycling plant in Mexico as part of a deal with the world’s largest food and beverage company, Nestlé. This plant will use innovative microwave-induced pyrolysis technology developed by UK chemical recycling specialists, Enval, to turn hard to recycle plastic into certified feedstock that can be used to create new food grade plastic packaging.
Philippe von Stauffenberg, Founder and CEO of Greenback, said: “This is a genuinely exciting and important moment for Greenback. The investment secured during our latest funding round and the addition of Craig to our Board are both pivotal in enabling us to progress our project with Nestlé Mexico to the next stage. We are one step closer to delivering a solution for globally recognised brands that can make the previously unrecyclable, recyclable, making a very clear statement about the strength of their commitment to sustainability and the circular economy.”