By recycling PET plastic using its unique technology, Depoly helps save 2,000 gallons of plastic and reduces the energy to make new PET bottles by 66%. The startup has now obtained fresh capital to accelerate development and enhance its recycling pre-demo plant.
Alongside the lead investor Wingman Ventures, DePoly received contributions from Berlin-based Angel Invest Ventures, US-based Tiny VC and two seasoned executives from the chemicals industry. The company has previously obtained financial support from Venture Kick, FIT Loan, Climate-KIC and MassChallenge to help solve the global plastic problem.
Every year, the plastics industry produces more than 50 million tonnes of PET plastic, including bottles, containers, and fibres. However, only 9% of plastics produced annually has been transformed into recycled PET pellets (rPET) using mechanical or secondary recycling techniques.
Incorporated early this year in Sion, DePoly has developed a novel technology to depolymerise post-consumer PET plastics into their two main chemical components. The technology handles a plethora of materials including mixed plastics (PET in the presence of PVC, PP or PS), mixed colours, dirty PET plastic, fabrics and fibres. Unlike existing solutions, DePoly’s process operates at room temperature and requires no additional pressure. It also involves sustainable and environmentally friendly chemicals. Various international leading consumer goods companies have requested samples from DePoly. They are considering to replace their existing supplies with a sustainable source of raw materials.
With the closing of its pre-seed round brings, DePoly has secured the required resources to accelerate its development and rapidly scale the technology. The funds will also enable the company to optimise its pre-demo plant and validate its product quality on a larger scale.
“For this round, we have a diverse set of investors with relevant expertise to support DePoly as we grow the company, scale the technology and tackle the global plastic problem. We are excited to have investors that share our vision and understand the need for enhanced recycling methods for a sustainable future” said CEO Samantha Anderson.
New Board member
Alex Stöckl, Founding Partner at Wingman Ventures, has joined DePoly’s board of directors. According to him, solutions for efficient plastics recycling are essential; however, change can only occur by making it profitable for manufacturers to use recycled materials. With their groundbreaking technology, we are convinced that DePoly’s team is best-positioned to revolutionise the industry in the years to come. They are helping to solve one of society’s globally most pressing and demanding challenges of eliminating plastic waste.
(Press release/RAN)
Photo: DePoly Team L-R: Bardiya Valizadeh (co-founder &CTO), Samantha Anderson (Founder & CEO) and Christopher Ireland (Co-founder & CSO).
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