Investments: UK recycling firm DeepTech raises funds for tech; LYB acquires 35% stake in Saudi PP producer NATPET

UK recycling firm DeepTech Recycling, which has developed chemical recycling technology for different types of plastic waste, says it has secured a new tranche of £0.8 million in funding. The fundraising was led by the deep tech venture capital firm EMV Capital, a wholly owned subsidiary of NetScientific PLC. The fundraising follows a first closing of c.£1.3 million that was completed in December 2023, bringing the total amount raised to £2.1 million.

The funding will continue to 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.

Since its December fundraise, DeepTech has made significant progress, including an MOU to develop a commercial plastics recycling facility in the UK, with a purchase order received for the first stage of the facility development project.

For a second project, the identification by DeepTech Recycling of a shortlist of sites and strategic partners for a 7,000-tonne/year project.

It has also progressed with an appointment process of a FEED/EPC contractor, and added on new employees. New premises have been secured and set up with labs and a testing plant in Oxfordshire, which will provide the crucial infrastructure to ensure focus on the technology development.

DeepTech Recycling says it has a unique, patented and proven technology platform, which was developed over more than ten years of structured and accelerated development and commercialisation.

In other news, chemical firm LyondellBasell (LYB) and Alujain Corporation have announced completion of the acquisition of a 35% interest in Saudi Arabia–based National Petrochemical Industrial Company (NATPET) by LYB from Alujain.

The joint venture is enabled by LYB Spheripol polypropylene (PP) technology and positions LYB to profitably expand its core PP business by gaining access to advantaged feedstocks and additional product marketing volumes.

NATPET currently has approximately 400,000 tonnes/year of PP production capacity. LYB will market the majority of the volume of the joint venture's production through its global network. Alujain and LYB are also jointly assessing the construction of a new propylene via propane dehydrogenation (PDH) and PP facility at the NATPET site, subject to a final investment decision. The project is being developed with a shared goal of targeting high-end products, and implementing solutions that align with Saudi Arabia's 2060 Carbon reduction strategy.

"This investment in NATPET reflects our commitment to grow and upgrade our core businesses and strengthen our presence in Saudi Arabia through a new long-term partnership," said LYB CEO Peter Vanacker. "With our strategic partner Alujain, the joint venture will leverage LYB's leading technology and global market positions. Customers will enjoy enhanced supply reliability through a larger global operations and marketing network."

"We are very pleased to strengthen our partnership with LYB," said Mohammed Bin Saleh AlKhalil, Chairman of Alujain. "We look forward to continuing our joint efforts to produce essential high-end materials that serve our customers' needs locally and across the globe. This investment as well marks a significant stride toward enhancing the propylene downstream sector in the Kingdom of Saudi Arabia, in full alignment with the Kingdom of Saudi Arabia's Vision 2030, Ministry of Energy and Ministry of Industry Strategies."

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