Recycling innovators Descycle secure £4.9m investment ahead of North East plant plans
Summary
Electronic waste recycling firm Descycle has secured nearly \xa34.9m investment, including the backing of senior mining industry executives and the North Easts Centre for Process Industry.The innovator has developed metals technologies based on a chemistry known as Deep Eutectic Solvents (DES) and is targeting recycling of e-waste - electronic products such as computers and stereos - replacing carbon intensive smelting. The \xa34.85m injection means Descycle can now focus on commercialisation of its technology, which starts with the design of a large-scale pilot plant on Teesside before the setting up of the \xa38.05m ($10m) Gateshead site in 2024, which is estimated could handle 5,000 tonnes of waste each year and generate revenues of \xa362.8m ($78m).Around 10 full time equivalent scientists and engineers are employed by CPI on the Descycle project, which has so far trialled the chemistry to prove it provides a low cost and zero-emission method for recycling and recovering valuable metals. The success of the technology is underpinned by the high calibre of our team and the commitment of our investors, and we are excited for the future of the company. Chris Smith, CEO of TSP Ventures, added: "We are delighted to be joining the Descycle team on their onward journey as they prove and scale their transformative technology. By enabling low cost, low carbon recovery of key metals from e-waste, Descycle are solving two major environmental problems; first, the displacement of the incumbent dirty, energy intensive processes and second, ensuring we have access to the critical metals we need to deliver the green transition.