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NetScientific PLC - technology and life sciences investor - Portfolio company DeepTech Recycling Ltd closes GBP1 million fundraising. DeepTech, in which NetScientific holds a 30% stake, is a company focused on chemical recycling of plastic waste. Last December, it bought the assets of Recycling Technologies Ltd out of administration. The fundraise is carried out via an advance share subscription agreement and is the first closing of a target investment programme of around GBP3 million, with further investment anticipated within the next six months.
Net Scientific says proceeds of the fundraise will go towards "the completion of a development phase for [DeepTech's] pilot plant, development and adaption of its targeted technology and licensing strategy, as well as the set-up of its operating base and development of its core team."
Current stock price: 61.50 pence, down 1.6% on Friday
12-month change: down 6.8%
By Holly Beveridge, Alliance News reporter
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