Vartega, a number one carbon fiber recycling firm, has closed its oversubscribed $10M most well-liked fairness financing led by Diamond Edge Ventures. The funding is predicted to additional allow Vartega to resolve among the world’s hardest superior supplies recycling challenges.
Diamond Edge Ventures, the company enterprise capital arm of the Mitsubishi Chemical Group (MCG), has demonstrated confidence in Vartega’s imaginative and prescient to create round provide chains for superior supplies. This funding spherical additionally included participation from Round Innovation Fund and current buyers HG Ventures and Techstars.
Vartega’s proprietary recycling processes allow the restoration and conversion of high-performance carbon fiber utilized in superior supplies for aerospace elements, automotive elements, and wind turbine blades. The corporate’s strategy reduces waste and offers producers with a sustainable supply of high-quality recycled carbon fiber by way of Vartega’s EasyFeed Bundles often called Fenix Fiber and Fenix Fiber+. Fenix Fiber is a powerful, stiff, and light-weight carbon fiber reinforcement for compounded thermoplastics. Fenix Fiber+ is enhanced with high-performance components corresponding to functionalized graphene.
“Diamond Edge Ventures funding validates our efforts to deal with the pressing want for sustainable options within the composites trade. We’re grateful for his or her assist as our lead investor for this pivotal funding spherical,” mentioned Andrew Maxey, CEO of Vartega. “This capital infusion will allow us to increase our operations, improve our know-how, and additional set up Vartega as a frontrunner within the round financial system.”
The funds from this financing might be allotted to completely make the most of Vartega’s new 82,000-square-foot manufacturing facility and commercialize further recycling processes to broaden feedstock availability. The corporate goals to proceed collaborating with trade companions to combine recycled carbon fiber into varied purposes, together with automotive, additive manufacturing, client electronics, and sporting items.
“Because the world shifts in the direction of a extra sustainable future, we’re excited to assist Vartega of their mission to remodel the supplies trade,” mentioned Curtis Schickner, President of Diamond Edge Ventures. “Vartega’s revolutionary strategy to carbon fiber recycling aligns with our imaginative and prescient for investing in applied sciences that positively impression the surroundings and economically meet present and future buyer wants.”
