Recycling: DePoly secures US$23 mn to launch 500-tonne/yr recycling plant; RecycLiCo Battery Materials/Zenith Chemical terminate li-ion battery recycling joint venture

Every year, millions of tonnes of PET and polyester waste end up in landfills or are incinerated, yet sustainable recycling solutions remain limited. Now, PET recycling firm DePoly has announced the upcoming launch of a 500-tonne/year showcase plant in Monthey, Switzerland.

The facility will demonstrate DePoly's proprietary process that converts PET and polyester waste into virgin-quality raw materials without fossil fuels.

The company is planning to build a commercial plant in 2027 that will process significantly larger volumes of PET and polyester waste. To further accelerate this expansion, DePoly has secured a total of US$23 million in seed funding with MassMutual Ventures joining a second closing of its round.

The expanded investor base positions DePoly as one of the biggest recycling technology companies in Europe, with more than US$30 million raised across two rounds and grants. MassMutual Ventures joins existing investors, including Founderful, ACE & Company, Angel Invest, Zürcher Kantonalbank, BASF Venture Capital, Beiersdorf Venture Capital, and Syensqo.

DePoly’s technology has already demonstrated its commercial impact through collaborations with fashion firm Odlo, but also in cosmetics and the broader consumer goods industry, including PTI.

"The upcoming showcase plant validates our roadmap to creating a truly circular plastics market. Following our pilot and showcase plant, our next goal is to scale our operations to industrial size with a first of a kind commercial plant based on our technology," said Samantha Anderson, Co-founder/CEO of DePoly.

By transforming discarded plastics into high-quality raw materials, DePoly adds it reduces reliance on fossil resources, minimizes waste, and paves the way for a circular materials industry.

In other news, RecycLiCo Battery Materials Inc., a pioneer in sustainable lithium-ion battery recycling and upcycling technologies, has announced that it has together with its joint venture partner Zenith Chemical Corporation decided to abandon the construction of a battery recycling facility in Taiwan and wind up their previously established joint venture company, due to market conditions.

Under the terms of the Agreement, RecycLiCo will sell to Zenith its entire interest in 3 million common shares of the joint venture company, RecycLiCo Zenith Battery Materials Technology Co., for gross proceeds of US$$581,114.08. As additional consideration, Zenith will return to RecycLiCo 4 million RecycLiCo common shares and 6 million share purchase warrants previously issued under the agreement.

RecycLiCo has retained ownership of its technology. The agreement will close following receipt of required regulatory approval from the Department of Investment Review in Taiwan.

Effective as of the closing date, Zenith will assume full ownership of the joint venture and will take steps to discontinue the use of the RecycLiCo name and dissolve the joint venture company pursuant to applicable Taiwanese regulations.

“This decision reflects a mutual recognition by both Zenith and the company of the evolving world economic and geopolitical environment,” said Richard Sadowsky, Interim CEO of RecycLiCo. “Market conditions are not what they were in 2022 when the original joint venture feasibility study was conducted. There have been changes in battery material supply streams and increased capitalisation costs relative to the initial projections, which were prepared during a period of elevated lithium prices.”

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