KUALA LUMPUR, March 15 -- Encina Development Group (Encina or the Company), a producer of circular chemicals from waste materials, has announced securing a total of US$55 million of equity capital which included participation from institutional investors IMM Investment Global Limited (IMM Global) and SW Recycle Fund through a US$32 million private placement. (US$1 = RM4.205)
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, according to a statement.
“We would like to thank all of our shareholders for their strong support, and faith in our management team,” said Founder and Executive Director for the Company, David Schwedel.
“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, land filled, 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.”
Encina will use the newly secured capital, in addition to US$20 million in earlier secured equity financing, to move forward with the commercialisation of its unique plastic waste-to-aromatics recycling business.
Encina’s circular chemical products are marketed to global 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 tonnes of plastic waste material each year.
Morgan Stanley and Stephens acted as private placement agents with respect to the private placement transaction.
More details at www.encina.com.
-- BERNAMA
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