ReSteel, a European base metals recovery company, has raised an undisclosed amount of private equity funding from Icos Capital.
Specialist cleantech investor Icos Capital announced today that it has invested in ReSteel, a European base metals recovery company. ReSteel has the leading technological approach to recover high quality steel and copper from small and difficult to separate scrap material. The funding will be used to facilitate ReSteel's European roll-out.
ReSteel's proprietary technology enables the recovery of high quality steel and copper in a de-centralized manner. It taps into a stream of waste which was previously dumped in landfill sites. ReSteel's solution is substantially better than other techniques in the market, especially in terms of long term accuracy and costs.
Nityen Lal, General Partner of Icos Capital states, “ReSteel's business proposition is at the heart of the climate change and resource scarcity issue. By recovering high quality steel, copper and other metals, ReSteel can help increase the supply of base metals locally at competitive cost. Furthermore, use of recycled metals as raw material is a highly effective strategy to reduce carbon emission and energy usage in the metals & mining sector.”
The ReSteel technology was developed at Delft University of Technology's faculty of Civil Engineering and Geosciences. TU Delft is still one of the shareholders of the company, but for ReSteel it was commercially viable to spin out from the university. Johan Smit, Chairman at ReSteel: “Our decision to spin out this technology from Delft University of Technology (DUT) is driven by validated global customer demand. Customers have been literally looking for this breakthrough technology for the last 50 years. ReSteel's commercialization efforts are tremendously strengthened by its strong technology partnership with Delft University of Technology and Icos Capital that bring in not only money but also industry expertise and deep understanding of the roll-out process.”
For TU Delft the success of spin-off companies is high priority. Paul Althuis, Director of Valorization at DUT:
“ReSteel intellectual property is one of the most promising technology propositions. We are excited to work with this team and Icos Capital. Involvement of Icos Capital, as a value added investor will ensure that ReSteel receives strategic guidance towards its goals to become an international success.”
About Icos Capital
Icos Capital is an independent private equity firm that invests in European cleantech companies with leading technology propositions in the growth and expansion phase. Icos Capital's combination of private equity track record, entrepreneurship experience, and extensive relationships with international industry professionals has established the firm as a leading strategic partner in the cleantech industry. In the two years since its formation,
Icos Capital has successfully invested in companies that will deliver exceptional returns through a combination of dividend and capital gains. These investments have all been made from the Icos Cleantech Fund I. The establishment of the Icos Cleantech Growth Fund II is scheduled for 2008. Further information can be found at http://www.icoscapital.com
Icos Capital works in close strategic partnership with CSM and Imtech, two major corporations that see value in being at the forefront of the development and dissemination of cleantech innovations, both for capital gains and to substantiate corporate social responsibility objectives. These alliances provide Icos Capital with preferred access to their extensive global network and considerable knowledge base.
Delft University of Technology (TU Delft) is a leading European university of technology. For more information about the university: http://www.tudelft.nl.
ReSteel is a European base metals recovery company. The company is implementing its technology for extraction of high grade base metals such copper and steel from existing scrap streams in an environmentally responsible manner. This proprietary and patented technology is developed at TU Delft in extensive cooperation with recycling and steel industry. http://www.resteel.nl.