A venture capital firm with a focus on business solutions to climate change has invested in a business that aims to recycle medium density fibreboard (MDF).
The OnePlanetCapital Climate Change EIS fund has led a £1.7m round on investment into the technology company MDF Recovery.
MDF Recovery has a patented solution for what is said to be the only effective industrialised process to recycle MDF material at scale.
Over 75m tonnes of MDF is manufactured globally every year. At end of its life, the material is either incinerated or sent to landfill, making it a huge environmental problem and emitter of C02.
However, the MDF Recovery solution means that recycled MDF can now be provided back to industry at a lower cost than virgin MDF, or used for other products in the construction industry.
Matthew Jellicoe, director of OnePlanetCapital, said: “MDF Recovery is one of the most exciting investments we have made in 2023 in that it is unique IP being applied to a massive global problem.”
Craig Bartlett, managing director of MDF Recovery, added: “It was great to get a strategically aligned fund like OnePlanetCapital on board for this raise. The success of this round is great support and vindication of our business going forward.”
This investment in MDF Recovery will provide funding to accelerate business growth and deliver the technology to a number of licensees in the UK and Europe in 2023 and 2024.
Image credit: SFIO CRACHO/Shutterstock
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.