Encina Announces $55 Million of Financing Backed by IMM Investment Global Limited
A Brief Summary
Encina Development Group, a manufacturer of circular chemicals from waste materials, stated that it raised $55 million in equity financing through a $32 million private offering, including participation from institutional investors IMM Investment Global Limited and SW Recycle Fund.
Encina plans to use the newly obtained funds, together with $20 million in previously secured equity investment, to further the commercialization of its innovative plastic waste-to-aromatics recycling company. Encina's circular chemical products are sold to clients globally that follow ISCC+ certification criteria.
Mr David Schwedel, Founder and Executive Director for the Company, said: "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, landfill, 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,"
Young-Joon Lee, CEO and Managing Partner of IMM Global, commented, "We are excited to partner with Encina to drive the company’s growth plan, and we are aligned with their goals to help foster a circular economy on a global basis. Encina has a world-class management team, operating technology, and a scalable platform that is well-positioned to expand at multiple locations in the coming years."
Morgan Stanley and Stephens acted as private placement agents concerning the private placement transaction.