Unwasted, a London, UK-based provider of manufacturing materials from waste cardboard, raised £1.5M in Seed funding.
The round was led by Elbow Beach Capital.
The company intends to use the funds to produce a sustainable alternative to virgin wood-based panels which can be remade indefinitely without harm to the environment.
Led by CEO Rod Fountain, Unwasted wants to reduce the environmental impact of waste by transforming it into high performance materials with an endless lifecycle. To this end, the company has developed Neverwaste, a mass production panel board made entirely from waste cardboard and packaging. By refining and modifying the fibres of cardboard, Neverwaste avoids the use of glues, resins and toxic chemicals in the production of a premium-specification material for use in construction, furniture, kitchens and flooring.
Following the successful validation of its technology at its pilot manufacturing plant in Deeside, North Wales, the company aims to raise a £72m Series A through new and existing investors to build its first full-scale production plant in Denmark. The 75,000m2 site in Jutland will be fully powered by renewable energy and operate a closed loop water system, making it one of the most sustainable factory sites in the world. The Jutland plant will convert 140,000 tonnes of waste cardboard into 160,000 m3 of panel boards every year, saving c.170,000 trees and c.150,000 tonnes of carbon dioxide. Agreements are already in place with customers for the panels with the site expected to generate £80m in revenue per year from a single production line with the option to add a second line. Unwasted intends to have a minimum of five sites operational in Europe, Australia, and the US by 2030.
FinSMEs
24/01/2023