A-Labs Advisory & Finance Ltd, an Israeli finance firm, has successfully closed a deal for $3 million. The amount was secured for pre-IPO funding of Alkemy, a plastic recycling company.
The managing partner of A-Labs, Nosh Hershcoviz, released a statement shortly after acquiring the funding. He stated that the social and environmental change that Alkemy promises to bring is not only essential for human beings, but far-reaching as well.
Globally, plastic is one of the most harmful polluters. Plastic bags and plastic-film is used by many agricultural ventures and households. To date, this waste lies at the top of the unrecycled-plastic chart. As per Alkemy’s findings, only 9% of the plastic in the world is recycled. The rest is buried or burnt. These two actions cause a rise in the pollution levels of earth.
Thus, all of this is what Alkemy hopes to attack and challenge. They want to take on the responsibility of recycling plastic that was previously unrecyclable. Once a national waste collection is carried out, the company believes that it will be able to manufacture finished products based on the material recycled.
Hershcoviz informed that Alkemy focuses on addressing the elephant in the room that people tend to ignore. He stated that the recycling company has actually found a way to recycle dirty plastic in an economically viable way. It is the company’s aim to ensure that no excuses are made for the continuous increase of plastic that pollutes the planet.
The managing partner also reported that they are joining hands with Alkemy to ensure that they have a successful public offering at the Toronto Stock Exchange. In his words, the finance firm’s work with the recycling company is for the greater good of the society and to help Alkemy turn their vision into reality.
The recycling company follows a one-step process to turn waste into a product. The previously unrecyclable plastic is turned into raw material. This allows the manufacturing of plastic products at significantly low costs. This simultaneously reduces pollution, a waste of resources, and energy consumption.
Alkemy has been developing a solution to the plastic pollution on the planet for the past four years. With the successful acquisition of $10m, they have come up with cutting-edge recycling technology. Recycling Globally and Greentech are two major global players, who are backing their work.
The proceeds of $3 million secured in the pre-IPO funding will be used by the recycling company to establish one or more global recycling partnerships. Moreover, they hope to polish the technology they use for the recycling process.
With the planned IPO, Alkemy will now have sufficient capital to deploy its recycling factories on a global level. They hope to take over plastic dumping sites all over the world.
The CEO of Alkemy, Shmulik Porre, also gave a statement about the secured funding. He said that with the required funds, the recycling company will be able to move ahead with its planned IPO on the Toronto Stock Exchange.
He also thanked the A-Labs team and praised them for their commendable work. The finance company had taken care of branding, business development, and financial models, all for the recycling company.