Encina receives $55 million in financing to construct waste-to-aromatics recycling plant in Pennsylvania
Encina Development Group, a producer of circular chemicals from waste materials, has secured a total of $55 million of equity capital which included participation from institutional investors IMM Investment Global Limited ("IMM Global") and SW Recycle Fund through a $32 million private placement. The private placement was oversubscribed following strong institutional support. IMM Global will join the company's board of directors as a result of their investment.
Encina will use the newly secured capital, in addition to $20 million in earlier secured equity financing, will support project development towards the construction of Encina's first plastic waste-to-aromatics recycling plant in Pennsylvania. Encina's circular chemical products are marketed to customers who adhere to ISCC+ certification standards, and who are seeking to manufacture end products requiring circular content in their products. Current projects include planned facilities in the United States, as well as offshore projects in Asia and South America. Each of the facilities is expected to process approximately 450,000 tons of plastic waste material each year.
"We would like to thank all of our shareholders for their strong support, and faith in our management team. We are committed to deploying our technology to capture waste streams such as plastic scrap, which would have been harmful to the environment through possible incineration, landfilled, or ocean waste – which can now be reclaimed and used as feedstock to produce circular chemicals to help foster better environmental outcomes for everyone on a global basis," said Mr. David Schwedel, Encina Development Group founder and executive director.
"We are excited to partner with Encina to further drive the company's growth plan, and we are aligned with their goals to help foster a circular economy on a global basis," said Youngjoon Lee, IMM Global CEO and managing partner.