Unwasted Secures £1.5M to Transform Waste into Materials
Unwasted, an innovative company headquartered in London, UK, has recently secured £1.5M in Seed funding to advance its mission of promoting sustainability in the manufacturing sector. The funding round was spearheaded by Elbow Beach Capital, which recognized the potential of Unwasted's groundbreaking approach to transforming waste cardboard into high-performance materials. With this financial backing, the company intends to develop a sustainable alternative to virgin wood-based panels that can be remade repeatedly without causing harm to the environment. By focusing on sustainability, Unwasted aims to significantly reduce the environmental impact of waste materials while promoting the circular economy.
At the helm of Unwasted is CEO Rod Fountain, who is committed to revolutionizing the way materials are produced and utilized.
The company has successfully created Neverwaste, a revolutionary mass production panel board made entirely from waste cardboard and packaging. This innovative product keeps the production process clean by eliminating the need for glues, resins, and toxic chemicals, instead relying on refined and modified fibers from cardboard. The result is a premium-specification material suitable for various applications, including construction, furniture, kitchens, and flooring. Unwasted's commitment to sustainability is further demonstrated by its goal to achieve an endless lifecycle for its products, ensuring that they can be repurposed indefinitely.
Following the validation of its technological advancements at a pilot manufacturing plant located in Deeside, North Wales, Unwasted is now poised to embark on an ambitious journey to scale its operations. The company plans to raise an impressive £72m in Series A funding from both new and existing investors to facilitate the establishment of its first full-scale production facility in Denmark. This planned site in Jutland, spanning 75,000m2, is designed to operate using renewable energy sources and will implement a closed-loop water system, positioning itself as one of the most sustainable factory sites in the world. The Danish plant is expected to convert a staggering 140,000 tonnes of waste cardboard into 160,000 m3 of panel boards annually, effectively saving about 170,000 trees and preventing approximately 150,000 tonnes of carbon dioxide emissions. With long-term agreements already secured with customers, Unwasted anticipates generating £80m in revenue each year from a single production line, with future plans for expansion. The company's vision includes establishing at least five operational sites across Europe, Australia, and the US by 2030, marking a significant step forward in global sustainability efforts.
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