Sircel raises $5m for e-waste recycling expansion
Summary
Leading Sydney-based e-waste processor Sircel has followed up its recent acquisition of Scipher Technologies in Melbourne with a $5 million capital injection from impact investor Kilara Capital, aimed at driving national expansion and fast-tracking its new stage 1 solar panel recycling capabilities.Kilara, which has backed green economy-focused startups like JET Charge, Wattwatchers and Amber, undertook a rigorous impact assessment of Sircel and rated it highly across key benchmarks for environmental sustainability and commercial impact.Kilara founder and managing partner Ben Krasnostein says Sircels proven circular economy business is operational and scalable, and he is particularly "buoyed" by the opportunities to salvage precious metals from e-waste to power the future of renewable energy, thus reducing reliance on mining operations. "Sircel really ticks a lot of the boxes that the Kilara Growth Fund looks for: its a company with a proven business model, an ever-growing customer base and it has the potential to achieve significant climate positive and commercial outcomes," Krasnostein says. "Sircels impressive leadership team have remained focussed on solving the rapidly growing e-waste problem in its entirety, rather than taking shortcuts, which has led to a truly innovative business with the potential to change the way we think about electronic waste. "Kilara Capitals portfolio manager Irina McCreadie will be joining the board of directors at Sircel, which just recently in May acquired Scipher, a significant e-waste processor based in Dandenong, Victoria.Sircel claims the acquisition made it the largest e-waste processor in the country with six operational sites across Victoria, regional New South Wales, Sydney and Brisbane.Sircel founder and CEO Anthony Karam said the investment from Kilara Capital was a valuable endorsement of the companys maturity, at a time when it is working on tackling another key e-waste vertical - solar panels, through a project supported by the NSW Environmental Protection Authority (EPA) as part of its Circular Solar Program. "With more than 15 years of global experience in business strategy and development, Irina will bring invaluable expertise to our Board as we navigate this next phase of growth, while enhancing our governance and operations."