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[Funding alert] Chasse sur Rhône-based Recyc’ELIT Raises €3.2M in Funding

Recyc'ELIT, located in Chasse sur Rhône, raises €3.2 million in funding. Through UI Investissement and the Metropolitan Industrial Seed Fund (FAIM) Lyon-Saint-Etienne, Demeter oversaw the investment.
Raouf Medimagh (PhD. Eng.) – CTO Recyc’ELIT (left) , Karim Medimagh – CEO RECYC’ELIT (right)

Recyc’ELIT, located in Chasse sur Rhône, raises €3.2 million in funding. Through UI Investissement and the Metropolitan Industrial Seed Fund (FAIM) Lyon-Saint-Etienne, Demeter oversaw the investment.

The fundraising round also included unknown business angels, Crédit Agricole Création, and Banque des Territoires (Caisse des Dépôts Group).

Recyc’ELIT is a 2019 business that tackles the challenges associated with recycling textiles made of polyester. The firm is able to reuse a variety of PET (Polyethylene Terephthalate) waste from different sources, including coloured and multifiber materials, due to its unique technique.

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Using a tiny quantity of chemicals and solvents, the company’s approach selectively depolymerises PET fibres back to their original building blocks without causing harm to adjacent fibres.

Recyc’ELIT asserts that it was a pioneer in Europe in implementing eco-depolymerization chemical technology for PET recycling that is simultaneously cost-effective and low-carbon. In a sustainable closed loop, the resultant monomers can be utilised to make virgin PET of food-grade quality or other premium grades.

The business states that its main goal is to tackle difficult recycling situations involving textiles and plastics, particularly with PET plastics that cause problems and interfere with mechanical operations.

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Recyc’ELIT works closely with recyclers to improve its handling procedure for these plastics, guaranteeing compatibility with sorting processes and facilitating the creation of premium recycled PET pellets.

Recyc’ELIT says, “We transform unsorted waste into a product with high added value. We continue challenging our process with all sorts of complex, multifiber and composite textiles and plastics with encouraging results.”

About Recyc’ELIT’s

Using their innovative approach to industrial by-products, Recyc’ELIT’s founders, Karim and Raouf Medimagh, are tackling difficulties related to textiles and plastics. They are experts in research and industry services.

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Driven by the commitment of both the government and business to incorporate recycled materials, they are striving for resolutions. Europe emphasises the importance of integrating 10 million tonnes of recovered plastic by 2025. The founders state, “Otherwise, by 2050, there might be more fish than plastics in our oceans.”

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