£10.2m Series A Funding

DEScycle, a deep tech company pioneering technology to recycle metals from electronic waste (“e-waste”), has successfully closed a £10.2 million Series A round.

The investment was led by BGF, one of the largest and most experienced growth capital investors in the UK and Ireland with Berlin based Vorwerk Ventures as co-lead. Incoming investors include Cisco Investments, Kadmos Capital, and Nesta. Follow-on investment was received from existing shareholders including TSP Ventures, Green Angel Ventures, and CPI Enterprises.

E-waste is the world’s fastest growing waste stream with over $91 billion of e-waste produced in 2022, growing to $120bn by 2030. Current recycling technologies are outdated, harmful to the environment and are difficult to scale. In addition, the pace of e-waste generation is outstripping the growth of recycling capacity by a factor of 5x (Global E-waste Monitor 2024).

DEScycle is delivering a clean, scalable technology that tackles this problem, creating local circular economies of recycled metals that reduce the reliance on international supply chains. The tech is based on a new eco-friendly class of chemistry: Deep Eutectic Solvents (‘DES’).

Funds raised will be used to construct and operate a pre-commercial pilot plant at Wilton International in Teesside, UK. The plant will be instrumental in demonstrating DEScycle’s DES based technology in a real-world environment, as well as providing the data for commercial scale up.

Future plans include the opening of an e-waste recycling facility in Gateshead UK, with the support from DEScycle’s joint venture partner, GAP Group, one of the UK’s largest e-waste recyclers. The commercial-scale plant will be able to recycle 5,000 tonnes of e-waste per year, producing critical raw materials including copper and palladium, as well as precious metals such as gold for industrial use.

DEScycle is a keen supporter of the UK as an innovation and technology hub. The company plans to continue to develop and scale its technology within the UK, leveraging the deep knowledge and infrastructure that exists through its relationships with the University of Leicester (where DES was discovered in the early 2000’s), and UK Catapult organisation the Centre for Process Innovation (“CPI”), as well as new relationships, such as Wilton International, which is part of the Teesside industrial cluster and provides access to a permitted site for scaling chemistry based technologies.

DEScycle Chair, Ian Cockerill, said: “DEScycle has made significant progress over the last 18-months and the successful closing of this funding round is a strong vote of confidence for the team, the technology and our potential to revolutionise the metals industry. The business is paving the way for an environmentally responsible and profitable approach to metals recycling from e-waste. This is particularly relevant for growth areas, such as AI, which require a significant infrastructure rollout reliant on metals, all of which, due to their short lifespan, will be recyclable when DEScycle launches commercially.”

DEScycle Chief Technology Officer, Dr Rob Harris, said: “This funding round accelerates our momentum, allowing us to progress bringing our innovative DES technology to the industrial level and demonstrate its effectiveness in real-world conditions. As a home-grown UK company, it is strategic to build both our pilot and commercial plants here. The UK is one of the world’s hubs for innovative technology, and we are proud to continue this legacy.”

Rowan Bird, investor at BGF said: “DEScycle is poised to make a significant impact on metals recovery and sustainable e-waste management. We look forward to supporting DEScycle’s mission to replace outdated pollutive technologies, delivering significant costs savings, increased performance, environmental impact and transparency in the critical e-waste recycling sector.”

Cisco Investments Senior Director, Jon Koplin, commented: "At Cisco, one of our primary sustainability priorities is to remanufacture, reuse or recycle our customers' used hardware in support of a circular economy. We are proud to invest in innovative e-waste recycling solutions, like DEScycle, which has the potential to consume less energy and create less carbon emissions than traditional methods, as well as reduce the demand for mining new raw materials.”

Vorwerk Ventures Partner Dr. Dominik Steinkühler, commented: “We are excited to support DEScycle in transforming metal recycling starting with electronic waste. Their innovative technology not only improves efficiency and environmental impact but also enables upstream recyclers to integrate former downstream processes like smelting, creating new value in the supply chain. With a strong team and scalable solution, DEScycle is well-positioned to drive sustainable growth in the circular economy. This investment aligns with our mission to back companies that create meaningful change for people and the planet.”

GAP Group Managing Director Peter Moody, commented: “"GAP Group Northeast are thrilled to be a joint venture partner with DEScycle in this groundbreaking technology. The successful funding round is a testament to the innovative potential of DEScycle's technology in revolutionising WEEE (e-waste) recycling. As one of the UK's largest WEEE recyclers, we recognise the urgent need for more sustainable and efficient recycling methods. DEScycle's Deep Eutectic Solvents technology aligns perfectly with our commitment to environmental stewardship and circular economy principles. We look forward to collaborating on the upcoming Gateshead facility, which will significantly enhance our recycling capabilities and contribute to a more sustainable future for the waste and resource recovery industry."