Amsterdam-based Circular Industries, the project developers of the Urban Mining Factory – Printed Circuit Boards (‘UMF-PCB’), announced that it has secured €2M in an early-stage round of funding.
Circular Industries (CI) is advancing the UMF-PCB project, emphasising circularity and geopolitical independence. CI aims to maximise the recovery of Critical Raw Materials from discarded printed circuit boards, promoting sustainability and securing resources for the future.
Additionally, this initiative reduces the European Union’s dependence on external suppliers, enhancing geopolitical independence and fortifying supply chains amidst global challenges.
CI was founded in 2014 by Niels Wagemaker and Martin van Zanten and is led by current CEO Jan Hoenselaar.
Investors supporting CI
Boudewijn Poelmann, Founder of Orchard Participations, says, “Recovering metals from printed circuit boards contributes to a more sustainable world and the careful management of metals that are becoming rare and important for the energy transition.”
Orchard Participations, founded by Boudewijn Poelmann and Annemiek Hoogenboom, focuses on early-stage investments in innovative companies aligned with the UN Sustainable Development Goals.
Roel van Diepen, Investment Director EIT InnoEnergy Benelux adds, “Securing the availability of scarce raw materials within the EU is becoming an increasingly relevant theme in EIT InnoEnergy’s investment policy. This will be one of the keys to an independent and improved European industrial ecosystem.”
“With their innovative and patented process, Circular Industries will locally recycle metals relevant to the energy transition in a cleaner and more efficient manner than existing processes. InnoEnergy will use its unique innovation ecosystem to support the project and stakeholders.”
Circular Industries says that the raised funds have set the stage for constructing the first Urban Mining Factory, with significant support from a major Dutch bank.
The UMF-PCB initiative showcases the synergy between sustainability, circularity, and geopolitical independence. It serves as a model of innovation and collaboration, demonstrating a path toward a better future for both the European Union and the global community.
“The project validation phase will be completed mid 2024. From early 2024, we will start concretising discussions with financiers for the financing of the UMF-PCB,” says CI.
Brief about EIT InnoEnergy
EIT InnoEnergy, established in 2010 and supported by the European Institute of Innovation and Technology (EIT), is a leading catalyst for the energy transition. They accelerate sustainable innovations crucial for advancing Europe’s Green Deal and decarbonisation objectives while enhancing energy security.
Specialising in cleantech investments, EIT InnoEnergy supports various innovation domains, including energy storage, mobility, renewable energy, efficiency, decarbonisation projects, smart energy grids, and sustainable urban development.
EIT InnoEnergy claims to be instrumental in strategic European initiatives like the European Battery Alliance (EBA), the European Green Hydrogen Acceleration Center (EGHAC), and the European Solar Photovoltaic Industry Alliance (ESIA).
With a team of over 200 experts in Europe and the US, the firm has evaluated over 7000 startups, launched 300+ products, and guided over 370 patent applications, all contributing to a more sustainable future.