DePoly has developed a recycling technology that converts mixed post-consumer, post-industrial polyester plastic waste streams, and polyester-containing fabrics and fibres, back into their precursors
BASF Venture Capital invests in Switzerland-based DePoly. (Credit: BASF SE)
BASF Group’s corporate venture company BASF Venture Capital (BVC) has announced an investment in the Swiss startup DePoly, a provider of sustainable plastic solutions.
Established in 2020, DePoly has developed a chemical recycling technology. It converts mixed post-consumer, post-industrial polyester plastic waste streams, and polyester-containing fabrics and fibres, back into their precursors at virgin-grade quality.
BASF said that the recycling process is energy efficient as it works at room temperature and standard pressure. It does not require the need for pre-sorting, pre-washing, or removal of contaminant materials.
The investment aligns with BASF’s ongoing commitment to creating sustainable solutions for a circular economy.
The seed financing round was co-led by BVC along with Wingman Ventures, with the participation of Beiersdorf, Infinity Recycling, CIECH Ventures, Angel Invest, and others.
DePoly will use the funds to quicken the scale-up and development of its depolymerisation process, in order to build a demonstration plant that is expected to be functional next year.
The startup has already constructed and operates a pilot plant that processes a capacity of 50 tonnes annually of complex PET or polyester plastic streams.
DePoly CEO and co-founder Samantha Anderson said: “Our technology has the potential to fundamentally change the lifecycle of PET plastics and reinforce the global efforts in tackling the climate challenge.
“We are thrilled to have BASF Venture Capital and other strategic investors in this round supporting us in implementing our solution on a larger scale.”
BASF aims to achieve a more circular economy by using recycled and renewable feedstocks, shaping new material cycles and developing new business models.
By 2030, the firm plans to double its sales generated with solutions for the circular economy to €17bn.
BASF Venture Capital managing director Markus Solibieda said: “To truly implement the circular plastics economy, we must transform our business practices, and that requires collaborative efforts from various stakeholders.
“DePoly’s technology offers a promising solution to address the global plastic waste challenge and concurrently support the reduction of greenhouse gas emissions related to the production of virgin plastics. We are excited to support their mission to create a more sustainable future.”