US' Vartega secures $10 mn in equity financing

Diamond Edge Ventures, the corporate venture capital arm of the Mitsubishi Chemical Group (MCG), has demonstrated confidence in Vartega's vision to create circular supply chains for advanced materials. This funding round also included participation from Circular Innovation Fund and existing investors HG Ventures and Techstars.

Vartega's proprietary recycling processes enable the recovery and conversion of high-performance carbon fibre used in advanced materials for aerospace components, automotive parts, and wind turbine blades. The company's innovative approach reduces waste and provides manufacturers with a sustainable source of high-quality recycled carbon fibre via Vartega’s EasyFeed Bundles known as Fenix Fibre and Fenix Fibre+. Fenix Fibre is a strong, stiff, and lightweight carbon fibre reinforcement for compounded thermoplastics. Fenix Fibre+ is enhanced with high-performance additives such as functionalised graphene.

"Diamond Edge Ventures investment validates our efforts to address the urgent need for sustainable solutions in the composites industry. We are grateful for their support as our lead investor for this pivotal funding round," said Andrew Maxey, CEO of Vartega. "This capital infusion will enable us to expand our operations, enhance our technology, and further establish Vartega as a leader in the circular economy."

The funds from this financing will be allocated to fully utilise Vartega’s new 82,000 square foot production facility and commercialise additional recycling processes to broaden feedstock availability. The company aims to continue collaborating with industry partners to integrate recycled carbon fibre into various applications, including automotive, additive manufacturing, consumer electronics, and sporting goods, the company said in a press release.

"As the world shifts towards a more sustainable future, we are excited to support Vartega in their mission to transform the materials industry," said Curtis Schickner, president of Diamond Edge Ventures. "Vartega's innovative approach to carbon fibre recycling aligns with our vision for investing in technologies that positively impact the environment and economically meet current and future customer needs."

Vartega expresses gratitude to all the investors who participated in this financing and prior rounds, contributing to realising a more sustainable future for composite materials.

Fibre2Fashion News Desk (RR)