Encina Announces $55 Million of Committed Financing Supported by IMM Investment Global Limited
Proceeds from the financing will support project development towards the construction of Encina’s first plastic waste-to-aromatics recycling plant in Pennsylvania
HOUSTON--(Business Wire / Korea Newswire)--Encina Development Group (“Encina” or the “Company”), a producer of circular chemicals from waste materials, announced today that it has secured a total of $55 Million of equity capital which included participation from institutional investors IMM Investment Global Limited (“IMM Global”) and SW Recycle Fund through a $32 million private placement. The private placement was oversubscribed following strong institutional support. IMM Global will join the Company’s Board of Directors as a result of their investment.
Encina will use the newly secured capital, in addition to $20 million in earlier secured equity financing, to move forward with the commercialization of its unique plastic waste-to-aromatics recycling business. Encina’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. Current projects include planned facilities in the United States, as well as offshore projects in Asia and South America. Each of the facilities is expected to process approximately 450,000 tons of plastic waste material each year.
“We would like to thank all of our shareholders for their strong support, and faith in our management team. We are committed to deploying our technology to capture waste streams such as plastic scrap, which would have been harmful to the environment through possible incineration, land filled, or ocean waste - which can now be reclaimed and used as feedstock to produce circular chemicals to help foster better environmental outcomes for everyone on a global basis,” said Mr. David Schwedel, Founder and Executive Director for the Company.
Youngjoon Lee, CEO and Managing Partner of IMM Global, commented, “We are excited to partner with Encina to further drive the company’s growth plan, and we are aligned with their goals to help foster a circular economy on a global basis. Encina has a world class management team, operating technology, and a scalable platform that is well positioned to expand at multiple locations in the coming years.”
Morgan Stanley and Stephens acted as private placement agents with respect to the private placement transaction.
About Encina Development Group
Encina Development Group produces circular chemicals. Encina’s products provide the basic building blocks for customers to meet their renewable content goals and enable the cyclical production and reproduction of products across a broad spectrum of ubiquitous goods, including consumer products and packaging, pharmaceuticals, construction, and much more. For more information, please visit: www.encina.com.
About IMM Investment Global Limited
IMM Investment Global (“IMM Global”) is a pure-play overseas investment arm of IMM Investment Corp. (“IMM”), which is the leading alternative asset manager in Korea with US$5.0bn assets under management. Established today as the most well-recognized and trusted GP brand in Korea, IMM has been strongly pursuing geographical expansion globally. Formed in 2019, IMM Global is rapidly implementing its global rollout strategy across North America, Europe and Middle East focusing on high growth opportunities in diverse sectors. IMM Global aims to serve as the driving force in further developing Korean presence across the global energy transition sector.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005510/en/
Encina Development Group
This is a news release distributed by Korea Newswire on behalf of this company.