Funding: Dalmia Polypro secures US$30 mn funding from the US for facility; Azul 3D closes US$15 mn in Series A funding

Mumbai-based recycler Dalmia Polypro Industries Private Limited has received a commitment for an ECB loan of US$30 million from the US International Development Finance Corporation (DFC) to help fund a greenfield recycling facility in Nashik, Maharashtra. Dalmia will use the funds to build a facility for recycling post-consumer plastic waste with a capacity of 171,000 tonnes/year. With this new facility, Dalmia Polypro will be positioned to lead the way in developing food-grade recycled materials and applications.

In a ceremonial signing event in Mumbai, Ajay Rao, DFC’s Regional Managing Director, South Asia, highlighted the commitment for the US$30 million ECB loan to Dalmia Polypro, which builds on DFC’s significant commitments to India’s private sector in priority sectors.

The DFC-supported greenfield recycling facility in Nashik, Maharashtra will advance Dalmia Polypro’s vision of accelerated growth to redefining plastic waste for a better future. Growing awareness about sustainable use of materials coupled with commitments from various brand owners and legislation enacted requiring recycled content in food packaging has created a need for high quality recycled plastic, for even the most sensitive applications.

The facility will produce high quality recycled PET (rPET), PP (rPP) and HDPE (rHDPE) flakes, and granules. Operations will be partially powered by renewable energy and biofuel, with LEED certified infrastructure, ensuring zero liquid discharge. This achieves maximum value for the plastic waste collected and processed, fostering plastic circularity and benefiting the entire value chain.

Dalmia Polypro’s, Managing Director, Aditya Dalmia said, "I am delighted to welcome DFC as our partner for our upcoming state-of-the-art greenfield recycling project in Nashik, Maharashtra. In partnership with DFC, we aim to build one of India's most advanced rPET recycling facilities and make a meaningful contribution to tackling what is arguably India’s most intractable challenge. For Dalmia Polypro, it is an investment towards the future of our people and environment.”

In other news, Azul 3D, a 3D printing start-up, has closed a Series A transaction of US$15 million from existing and new investors.

Investment in the company comes from around the globe, including from US materials firm DuPont, a lead investor in the Series A transaction. Other investors from the EMEA and Asia regions include Beta Lab and GS Futures.

DuPont has worked with Azul 3D since 2019 and is working on the development of applications that take advantage of Azul 3D’s proprietary High-Area Rapid Printing (HARP) technology.

The funding facilitates successful technology development in high-value applications and will be used to scale production in markets, such as manufacturing of specialty components for electronics applications and personalised devices, that can take advantage of Azul 3D’s HARP technology.

HARP, a proprietary form of vat polymerisation that converts liquid plastic into solid objects using ultraviolet light, employs a unique liquid interface that remains molecularly flat during continuous printing and allows users to build objects with precise thermal control and excellent material properties.

"We are very excited about the potential of this technology to create new business opportunities with DuPont," said Randal King, Vice President, Technology, DuPont Electronics & Industrial. "Our investment underscores our strong belief that Azul 3D and its HARP technology can truly create a new paradigm in manufacturing."

"Azul3D is upending the supply chain and manufacturing process, creating products that were never before possible," said Beta Lab CEO Abdulrahman al Olayan. "We invested in this company because it is unlike anything we have seen in the 3D printing space. It has the ability to flip verticals that have long been stagnant."

Supporting Azul 3D through the round was John Hartner, who has served as CEO since June 2023. Hartner is the former CEO of 3D printing company ExOne and has led technology companies around the world for 30 years in the automation, electronics, cleantech and digital printing industries. He has been an early investor and member of the board of directors of Azul 3D since 2020.

"Azul3D has become very focused on high-value, high-volume applications where we believe our 3D printing technology can be a game-changer," Hartner said. "This new financing, particularly with the robust valuation, stands out against the current funding environment and shows the excitement surrounding this path and its potential for disrupting manufacturing in targeted industries."

(PRA)

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