Electronic waste recycling firm DEScycle has closed a £10.2m funding round led by Ƶ, Irish and German investors.
Investment into the company, which is using the North East as a base from which to develop its technology, was co-led by BGF and Berlin-based Vorwerk Ventures. New backers also include Nesta, Cisco Investments and Kadmos Capital while follow-on investment came from existing shareholders including TSP Ventures, Green Angel Ventures, and CPI Enterprises.
The funds will be put towards construction and operation of DEScycle's planned pre-commercial pilot plant at the Wilton International site on Teesside - a move it says will give it the data for scaling up of its process. DEScycle also plans to develop an electrical waste recycling facility on Tyneside with Gateshead's GAP Group. That plant will process 5,000 tonnes of material per year, producing valuable raw materials such as copper and palladium and precious metals such as gold for industrial use.
Rob Harris, DEScycle chief technology officer, said: "This funding round accelerates our momentum, allowing us to progress bringing our innovative DES technology to the industrial level and demonstrate its effectiveness in real-world conditions. As a home-grown Ƶ company, it is strategic to build both our pilot and commercial plants here. The Ƶ is one of the world’s hubs for innovative technology, and we are proud to continue this legacy."
Rowan Bird, investor at BGF, said: "DEScycle is poised to make a significant impact on metals recovery and sustainable e-waste management. We look forward to supporting DEScycle’s mission to replace outdated pollutive technologies, delivering significant costs savings, increased performance, environmental impact and transparency in the critical e waste recycling sector."
Jon Koplin, Cisco investments senior director, said: "At Cisco, one of our primary sustainability priorities is to remanufacture, reuse or recycle our customers' used hardware in support of a circular economy. We are proud to invest in innovative e-waste recycling solutions, like DEScycle, which has the potential to consume less energy and create less carbon emissions than traditional methods, as well as reduce the demand for mining new raw materials."
Dominik Steinkühler, Vorwerk Ventures partners, said: "We are excited to support DEScycle in transforming metal recycling starting with electronic waste. Their innovative technology not only improves efficiency and environmental impact but also enables upstream recyclers to integrate former downstream processes like smelting, creating new value in the supply chain. With a strong team and scalable solution, DEScycle is well positioned to drive sustainable growth in the circular economy. This investment aligns with our mission to back companies that create meaningful change for people and the planet.”
Peter Moody, GAP Group managing director, said: "GAP Group Northeast are thrilled to be a joint venture partner with DEScycle in this groundbreaking technology. The successful funding round is a testament to the innovative potential of DEScycle's technology in revolutionizing WEEE (e-waste) recycling.
"As one of the Ƶ's largest WEEE recyclers, we recognise the urgent need for more sustainable and efficient recycling methods. DEScycle's deep eutectic solvents technology aligns perfectly with our commitment to environmental stewardship and circular economy principles. We look forward to collaborating on the upcoming Gateshead facility, which will significantly enhance our recycling capabilities and contribute to a more sustainable future for the waste and resource recovery industry."
