Ecomachines sells its shares in Warwick spinout Recycling Technologies to an undisclosed private investor.
Ecomachines Ventures, an investment firm, incubator and accelerator, has agreed the sale of its stake in Recycling Technologies, a cleantech spinout from Warwick University, to a private investor.
Financial details of the transaction have not been disclosed.
Recycling Technologies was created in 2011 to commercialise a recycling process that converts mixed plastic waste, which would otherwise be sent to landfills, into a hydrocarbon product called Plaxx that can be used for energy generation, marine propulsion and more.
Ecomachines first invested in Recycling Technologies in a 2014 seed round. It also contributed to a £950,000 ($1.4m) funding round in 2015.
Ilian Iliev, chief executive of Ecomachines Ventures, said: “Plastic is one of humanity’s most useful inventions, yet plastic waste is one of today’s major environmental pollution problems. We are proud of the developments made at Recycling Technologies and leave the business in excellent shape for the future commercial roll-out of their technology.”
John Clarkson, chairman of Recycling Technologies, said: “The investment by Ecomachines Ventures has been very helpful for Recycling Technologies and in addition to the funding support, we have benefitted from their advice, contacts and marketing expertise.
“For the next stage of the business roll-out, Recycling Technologies is currently sourcing a £10m funding round with PwC, corporate finance advisors.”
