Enval closes series ‘A’ funding round
Packaging recycling company Enval Ltd said it has completed a Series 'A' funding round.
It was led by the East of England Co-Investment Fund (COIN), which is managed by IQ Capital Partners, and supported by Cambridge Enterprise Seed Funds, Cambridge Angels and Cambridge Capital Group.
The Enval process enables recycling of several different types of packaging. Its strength, however, is in recycling of packaging materials containing plastic / aluminium laminates often used in drinks cartons, toothpaste tubes and coffee pouches. The end result is ‘clean' aluminium (more than 95% pure) ready for sale as well as gases and oils that have a number of uses including fuel and chemical feedstock.
The Cambridge-based company's proprietary technology is the first to allow complete recycling of laminate waste packaging in an environmentally and financially attractive way, avoiding the need for many thousands of tonnes of landfill. Enval has recently signed contracts with two blue chip companies to run recycling pilot programmes.
COIN's Larissa Brito said: "Enval's technology offers an easy, environmentally friendly and much needed solution for the yet unresolved problem of recycling aluminium-containing packaging. This funding round will enable Enval to accelerate deployment of its ground-breaking technology and enters an exciting phase of growth".
Enval's patented technology uses microwave energy which can also be powered by the oils and gases generated by its recycling process, hence becoming completely self-sustained.
Nick Slaymaker, from Cambridge Enterprise Seed Funds, who has been supporting the company since its inception, said: "The green tech area in which Enval operates is increasingly important and high profile, but in fact research into Enval's technology started in 1995.
"The company has a strong management team, enthusiastic shareholders and is revenue-producing.
"Enval has a commercial pilot-plant machine that is now doing real work. It has established excellent relationships with world-leading companies in its technology space".
