A business at the forefront of rolling out new technology to help deal with the growing global issue of plastic pollution has secured additional investment that will enable the construction of a new recycling plant.
Greenback Technologies Ltd (Greenback) has successfully completed part of a pre-Series B funding round, which was supported by both new and existing investors. The extra funding has also enabled the company to convert a loan made under the UK Government’s Future Fund scheme into equity.
In addition, Greenback has raised further funds through the sale of ecoveritas. This specialist consulting firm provides data-driven services, which assist with compliance and provenance, to customers in the packaging industry. ecoveritas was acquired by its existing management team backed by a consortium of international investors.
Greenback’s recent funding boost coincides with its appointment of a new non-executive director. Craig Arnold joins the Board bringing with him extensive experience gained in executive leadership roles with global responsibilities and spanning a variety of industries.
Craig is currently Chief Commercial Officer at Ferroglobe - one of the world’s largest producers of silicon metal, silicon alloys and manganese alloys. Prior to this, Craig was the Dow President for Sub-Sahara Africa and Global Ambassador for Africa. He is highly accomplished in initiating, leading and managing change and has a proven track record of delivering breakthrough top / bottom-line performance across different business models.
The latest developments at Greenback will enable the business to proceed with the deployment of a new advanced recycling plant in Mexico as part of a deal with the world’s largest food and beverage company, Nestlé. This plant will use innovative microwave-induced pyrolysis technology developed by UK chemical recycling specialists, Enval, to turn hitherto hard to recycle plastic into certified feedstock that can be used to create new food grade plastic packaging with the required evidence that it has been made from post-consumer waste.
Speaking of the business’ funding success and Craig’s appointment, Philippe von Stauffenberg, founder and CEO of Greenback, said: “This is a genuinely exciting and important moment for Greenback. The investment secured during our latest funding round and the addition of Craig to our Board are both pivotal in enabling us to progress our project with Nestlé Mexico to the next stage.
“We are one step closer to delivering a solution for globally recognised brands that can make the previously unrecyclable, recyclable, making a very a clear statement about the strength of their commitment to sustainability and the circular economy.”