By JERUSALEM POST STAFF OCTOBER 5, 2020 07:41
The Israeli finance firm A-Labs Advisory & Finance Ltd has secured a successful closing of $3 million in pre-IPO funding for the plastic recycling company Alkemy.
“The environmental and social impact of Alkemy’s project are far-reaching and essential for all of us,” Noah Hershcoviz, managing partner at A-Labs said in a statement.
Plastic remains one of the most harmful polluters globally, and plastic-film waste (such as plastic bags) used by most households and agricultural ventures tops the unrecycled-plastic chart. Only 9% of the world’s plastic is recycled, according to Alkemy. The rest is burned or buried—two actions that raise earth’s pollution levels dramatically.
This is why Alkemy attacks the challenge of recycling previously unrecyclable plastic head on, from national waste collection to manufacturing finished products based on its recycled material.
“Alkmey addresses the elephant in the room that no one is talking about. They literally found a way to make dirty plastic recycling economically viable so there are no excuses for the continuous addition of plastic that pollutes our planet. Our work with Alkemy is aimed to launch a successful public offering in the Toronto Stock Exchange to turn their vision into a global reality," Hershcoviz said.
Alkemy’s uniquely continuous one-step process, “from waste to product”, tackles the challenge of recycling dirty plastic head on, Alkemy’s process turns previously unrecyclable plastic into raw material, enabling the production of plastic products at significantly reduced costs while reducing energy consumption, pollution, and waste of resources. After securing $10M funding to date and developing its solution for the past four years, Alkemy presents cutting edge recycling technology supported by major global players in greentech and recycling globally.
The use of proceeds from successful closing of $3 million in pre-IPO funding aims to establish two global recycling partnerships and promote further improvement of Alkemy’s recycling process efficiency. The planned IPO aims to provide Alkemy with sufficient capital for global deployments of its recycling factories on plastic dumping sites worldwide.
The closing marks the last round of funding before Alkemy heads toward its planned IPO on the Toronto Stock Exchange Ventures.
“A-Labs have built and executed on both strategy and workplan for Alkemy’s growth” said Shmulik Porre, Alkemy CEO.
“From branding to financial models and business development, we were amazed to see the level of intimate involvement and understanding of our business within the A-Labs team. We see them as an integral part of our management, as well as the path toward a better future for our planet and generations to come.”