Encina Development Group, a Houston-based producer and exporter of circular chemicals from recycled materials, raises $55M in funding.
The round included participation from institutional investors IMM Investment Global Limited (“IMM Global”) and SW Recycle Fund through a $32 million private placement. IMM Global will join the Company’s Board of Directors as a result of their investment.
Encina will use the secured capital and $20 million in previously secured equity financing to help it move forward with its plastic waste-to–aromatics business.
Encina is led by David Schwedel (Founder and Executive Director). Encina products provide the building blocks that customers need to reach their renewable content goals. They also enable the cyclical production of products across a wide range of goods including packaging, pharmaceuticals and construction. The company’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. There are several projects underway, including facilities planned in the United States and offshore projects in Asia or South America. Each facility is expected to handle approximately 450,000 tons annually of plastic waste material.