New Venture Build project aims to bring industrial-scale facility back into operation
Using technology developed by DeepTech Recycling
EMV Capital plc (AIM: EMVC), the London-based deep tech and life sciences VC investment group, has acquired an industrial-scale chemical recycling plant for plastic waste in the Port of Rotterdam through its newly formed wholly owned subsidiary, Winalot BV.
The Pryme One plant achieved mechanical completion in 2023 following development capital expenditure estimated at more than €50 million. It commenced operations in 2024 and generated revenues from the sale of pyrolysis oil, before operations ceased in March 2026 following issues with its existing reactor technology.
EMV Capital and DeepTech Recycling Limited (“DTR”), an existing EMV Capital portfolio company specialising in the chemical recycling of plastic waste, identified an opportunity to retrofit DTR’s already-manufactured proprietary fluidised bed reactor into the existing ‘balance of plant’ facility, with the aim of returning it to commercial operation.
Approximately £6 million of further capital expenditure is estimated to be required, with commercial operations potentially recommencing within approximately 18 months, subject to securing the required funding, agreeing definitive commercial terms with DTR and successful completion of the proposed retrofit programme.
Winalot and DTR intend to negotiate commercial terms for the sale and installation of the reactor and related support services. If agreed, the project would provide DTR with its first full-scale commercial customer and the potential to establish a demonstration and reference site for its technology.
This represents a new Venture Build project for EMV Capital, bringing together an existing industrial asset, technology developed within its portfolio, specialist expertise and third-party capital. EMV Capital holds a c.18 per cent. direct equity interest in DTR, together with a further c.31 per cent. of assets under management on behalf of third-party investors.
Upon a successful restart, the plant is expected to generate revenue and operating profit from the production and sale of recycled oil products for use as feedstock by the petrochemicals industry.
The plant is located within Plant One Rotterdam in the Botlek area of the Port of Rotterdam, alongside several of Europe’s largest refineries and major chemicals producers, providing access to an established market for its recycled oil products and proximity to potential feedstock suppliers. The location also provides access to the Port of Rotterdam’s extensive infrastructure, alongside a shared environmental permit, utilities, trained operators and site services. The site can support future expansion in capacity, providing a route to scale production as the project develops.
The project has also received strong support from local development institutions, reflecting its potential contribution to Rotterdam’s established chemicals and circular-economy ecosystem.
The acquisition and Winalot’s initial working capital have been funded through third-party debt capital syndicated by EMV Capital Partners Limited (“EMVCP”), EMV Capital’s wholly owned venture capital and corporate finance firm. The funding has increased the Group’s assets under management by approximately £2 million, with EMVCP entitled to performance fees.
EMVCP has also been mandated by Winalot to develop a funding strategy for the additional capital required, potentially comprising further debt, equity, and non-dilutive grant funding.
The acquisition further demonstrates EMV Capital’s pro-active approach to portfolio management. Having identified the need for a full-scale commercial deployment opportunity for DTR, EMV Capital brought together technology and investment expertise with an existing facility. The transaction has the potential to create value for both Winalot and DTR, while providing further potential upside for EMV Capital shareholders without a cash commitment from the PLC.
Dr Ilian Iliev, CEO of EMV Capital and Investor Director of Winalot, said:
“This is an exciting opportunity to acquire an industrial-scale plastics recycling facility at a significant discount to its construction cost and potentially bring it back into commercial operation using technology developed by an existing EMV Capital portfolio company.
“It is a strong example of our pro-active portfolio management and Venture Build model in action, bringing together an attractive industrial asset, innovative technology, specialist expertise and third-party capital, while creating further potential upside for EMV Capital shareholders without a cash commitment from the PLC.”
Marvine Besong, CEO of DeepTech Recycling, said:
“Deploying our proprietary technology at an existing industrial-scale facility could mark a significant milestone in the commercialisation of DeepTech Recycling’s feedstock recycling platform. Subject to agreement, the plant would offer commercial-scale validation of the technology and serve as a valuable reference site for prospective customers within Rotterdam’s industrial and petrochemical hub.”