Investors pile into Enval crowdfunding raise
Recycling technology from Enval is attracting investors on the Cambridge crowdfunding site SyndicateRoom.
The company has raised almost £500k and with 33 days of its fundraising campaign to go was today well on the way towards its £800k target.
Combined with other initiatives Enval wants to haul in £1.1 million overall to accelerate commercialisation of its technology, which is geared towards cutting down a 160,000 tonnes waste mountain in the UK alone.
Enval’s recycling solution is lightweight, which reduces transport emissions; it protects produce, which reduces waste and it uses considerably less raw material. The end-of-life solution was the missing piece of the jigsaw but Enval says it has developed that solution and is claiming a world first.
Using patented technology, Enval is able to recover the aluminium foil in solid form, clean and ready to go right back into the supply chain. A typical Enval plant produces 200-400 tonnes of aluminium a year with a purity exceeding 98 per cent. It also achieves 75 per cent energy savings compared to primary aluminium production.
The plastic component can either be converted into gas, which generates the electricity required to power the process, or into condensed oils that can be sold as fuel or feedstock for speciality chemicals.
Following the construction of its first commercial scale plant, Enval says it has received considerable interest from stakeholders across the packaging and recycling supply chains.
A spokesperson said: “We already have backing from FMCG brands including Nestlé, Kraft Foods and Mondelēz International; we are working with the Department for Environment, Food and Rural Affairs and several local authorities to introduce plastic aluminium laminates into existing household recycling schemes; and to-date we have received £900K in revenue.
“With our commercial plant now operational and ramping up to full capacity, we are looking to secure up to £1.1m investment to allow us to respond to the high level of interest we are experiencing.
“We are already supported by an impressive arrange of business angels including members of Cambridge Capital Group, Anglia Capital Group and Cambridge Angels but at this exciting stage in our growth, we wanted to do things a little differently and open our round to a broad range of investors.”
• PHOTOGRAPH SHOWS: David Boorman, Business Development Director at Enval (left) withManaging Director and Chief Technology Officer, Dr Carlos Ludlow-Palafox