Earthwake enterprise raises €2.2M

EARTHWAKE ENTREPRISE RAISES €2.2M TO MEET THE CHALLENGE OF RECYCLING PLASTIC WASTE

Founded in 2020 by Samuel Le Bihan and François Danel, Earthwake Entreprise is developing an innovative pyrolysis solution for recovering plastic waste that is difficult to recycle. This young start-up has just raised €1.4m from investment funds and is also the winner of the I-NOV competition, with €826,000 in grants. Earthwake Entreprise will thus be able to finance the next stages of its development and recruit new skills to complete its teams.

Funding to match its ambitions
By 2027, Earthwake Entreprise aims to become an established global player in the chemical recovery of plastic waste. The stakes are unprecedented: if demand for plastics continues on its current trajectory, the volume of waste will treble in the coming years, while only 16% of plastics are recycled worldwide.

Thanks to its patented technology, Earthwake Entreprise offers a greener alternative to landfill and incineration. The Chrysalis ®[1] equipment tackles the challenge of plastic waste that is currently little or not recycled at all. Two recovery routes are then possible: a raw material for the petrochemical industry to produce virgin plastic, or a fuel with a reduced carbon footprint for the transport sector.

Well-known investors to take part in development by 2023
In 2022, Earthwake Entreprise will be welcoming new investors alongside its historic banking partners BPI and Banque Populaire Méditerranée. Several family offices, the WISEED investment fund, the Rothschild & Co Foundation, Creazur – the innovation venture capital fund of the Caisse Régionale du Crédit Agricole Provence Côte d’Azur, and the fund of a world leader in maritime freight, CMA-CGM, are joining Earthwake Entreprise’s capital.

In addition, Earthwake Entreprise is one of 53 winners of the BPI’s I-NOV innovation competition, receiving €826,000.
This €2.2m investment will be used to :
– Certify and market the Chrysalis® equipment,
– Recruit new skills, particularly in sales,
– Finance working capital requirements for initial sales.

Earthwake Entreprise was advised throughout this first round of financing by FINPACT, a financing strategy consultancy specialising in asset refinancing operations for innovative companies responding to the challenges of transition.

[1] An explanatory video is available at the following address: https://www.youtube.com/watch?v=lQ8_mI5plXo&t=1s