HOUSTON, March 15 (Bernama-BUSINESS WIRE) — Encina Development Group (“Encina” or the “Company”), a producer of circular chemicals from waste materials, announced today that it has secured a total of $55 Million of equity capital which included participation from institutional investors IMM Investment Global Limited (“IMM Global”) and SW Recycle Fund through a $32 million private placement. The private placement was oversubscribed following strong institutional support. IMM Global will join the Company’s Board of Directors as a result of their investment.
Encina will use the newly secured capital, in addition to $20 million in earlier secured equity financing, to move forward with the commercialization of its unique plastic waste-to-aromatics recycling business. Encina’s circular chemical products are marketed to global customers who adhere to ISCC+ certification standards, and who are seeking to manufacture end products requiring circular content in their products. Current projects include planned facilities in the United States, as well as offshore projects in Asia and South America. Each of the facilities is expected to process approximately 450,000 tons of plastic waste material each year.