New Portfolio Company Acquires Recycling Plant

EMV Capital PLC

14 September 2026

 

Strictly embargoed for: 07.00 a.m. on 14 September 2026

EMV Capital plc

(EMV Capital or EMVC or the Company or the Group)

NEW VENTURE BUILDING PORTFOLIO COMPANY

ACQUISITION OF INDUSTRIAL-SCALE PLASTIC WASTE CHEMICAL RECYCLING PLANT FROM PRYME NV

EMV Capital Plc (AIM: EMVC), the deep tech and life sciences VC investment group, announces that its newly formed wholly owned subsidiary, Winalot BV (Winalot), has acquired from members of the Pryme NV group (Pryme) the Pryme One plastic waste chemical recycling plant (Plant) located in the port of Rotterdam (Acquisition).

Highlights

• Winalot is a newly incorporated Venture Building portfolio company of EMVC, formed for the specific purpose of the Acquisition. It remains wholly owned within the EMVC Group for the time being as the Acquisition has been debt funded. It is envisaged that future equity issuances will dilute the Group's equity interest.
• The Plant, which was completed and commissioned in 2023 at an estimated capital cost in excess of €50 million, has been acquired for a non-disclosed consideration amount and does not constitute a substantial transaction for the purposes of the AIM Rules for Companies.
• The Acquisition represents a new Venture Build opportunity for EMV Capital, with the potential to create value both through Winalot and through the commercial deployment of technology developed by existing EMV Capital portfolio company, DeepTech Recycling Limited (DTR).
• DTR, a specialist in the chemical recycling of plastic waste, has developed and manufactured a proprietary reactor which it believes can be retrofitted to the Plant to enable a restart of commercial operations.
• Winalot estimates that c.£6 million of additional capital expenditure will be required to re-establish the Plant and that commercial operations could recommence within approximately 18 months, subject to securing the required funding, agreeing definitive commercial terms with DTR, and successful completion of the proposed retrofit programme.
• A successful deployment of DTR's proprietary reactor technology at the Plant would represent DTR's first commercial-scale validation of its fluidised bed reactor technology and establish the Plant as a demonstration and reference site for prospective DTR customers.
• The consideration for the Acquisition and Winalot's initial working capital has been funded through third-party debt capital syndicated by EMV Capital Partners Limited (EMVCP), the Company's wholly owned venture capital and corporate finance firm.

Terms and funding of the Acquisition

Pursuant to the terms of the Acquisition, Winalot has acquired from Pryme the Plant and certain assets (including intellectual property) relating to the Plant.

The consideration and Winalot's initial working capital has been funded by third party funding, syndicated by EMVCP, the Company's wholly owned venture capital and corporate finance firm. Such funding has been provided in the form of:

• a 30 month term loan for an initial amount of c.£1.7m (with an ability to draw up to £3m should both parties agree) with an annual compounding interest rate of 11 per cent. (each payable on maturity) and accompanied by 25 per cent. warrant coverage. The loan has a condition subsequent requiring Winalot within 20 business days of completion to put in place security against its assets; an
• a 6 month unsecured term loan for an initial amount of c.£0.3m with an annual simple interest rate of 15 per cent. (each payable on maturity) and accompanied by 15 per cent. warrant coverage.

Background to and rationale for the Acquisition

EMVCP was introduced to the Acquisition opportunity in June 2026 by DTR.

The Plant is designed to use pyrolysis technology for chemical recycling of plastic waste on an industrial scale. As such, it was able to convert waste plastics into petrochemical products with a high conversion rate, on a large scale and with a low carbon footprint. The Plant achieved mechanical completion in 2023, with development capital expenditure estimated to be in excess of €50 million.

Commissioning took place in 2024, commencing operation and delivering revenue from the sale of pyrolysis oil produced by the Plant. Following critical issues with the Plant's reactor technology, the Plant's operations ceased in March 2026.

EMVCP determined that there was an attractive opportunity as DTR has developed and manufactured a reactor which it believes can be retrofitted to the Plant to enable a restart of commercial operations.

Approximately £6 million of capital expenditure is estimated to restart operations at the Plant within approximately 18 months. This would represent a considerable discount to the cost of constructing an equivalent 'greenfield' site, within a materially shorter timeframe, and present an attractive return to Winalot and its investors.

Upon successful restart, the Plant is expected to generate revenue and operating profit from the production and sale of recycled oil products for use as feedstock by the petrochemicals industry.

Having completed the Acquisition and thereby secured the Plant, Winalot and DTR intend to proceed with negotiations on definitive commercial terms for the sale of DTR's proprietary technology, reactor and related support services. There can be no certainty that such terms will be agreed.

From DTR's perspective, such an agreement would represent an opportunity to secure its first full-scale commercial customer and a significant milestone for the business, providing commercial-scale validation of its fluidised bed reactor technology and establishing the Plant as a demonstration and reference site for future customers in the Rotterdam industrial chemicals cluster and beyond.

EMV Capital holds a c.18 per cent. direct equity interest in DTR, together with a further c.31 per cent. of assets under management (AUM) on behalf of third-party investors, and would therefore benefit from its success in delivering this project.

Location

The Plant is located within Plant One Rotterdam, one of the Netherlands' recognised Centres for Open Chemical Innovation, located in the Botlek area of the Port of Rotterdam, alongside several of Europe's largest refineries and major chemicals producers, providing proximity to established feedstock and offtake counterparties.

Plant One Rotterdam provides tenants with a shared environmental permit, utilities, trained operators and site services already in place, materially reducing the time typically required to bring new chemical processing capacity into operation.

Winalot expects to have access to a range of regional, national and EU grant and incentive schemes available to companies operating within the Rotterdam industrial ecosystem, which may provide a further source of funding support for the Plant.

Future funding for the Plant

EMVCP has been mandated by Winalot to drive a funding strategy for the capital expenditure required for the Plant to become once more operational. Such funding strategy may comprise further debt funding, non-dilutive grant funding and equity funding.

Impact on AUM

As Winalot has not yet been equity funded by any third party (and remains a wholly owned subsidiary of EMVC Group), no separate fair value has yet been ascribed to EMVC's equity interest in Winalot. The acquired assets will initially be recognised at a book value of €2.1 million.  

The Group's AUM has increased by c.£2 million in connection with the loans referred to above, for which EMVCP is entitled to performance fees.

Dr Ilian Iliev, CEO of EMV Capital and Investor Director of Winalot, commented:

"This is an exciting opportunity to acquire an industrial-scale plastics recycling facility at a significant discount to its construction cost and with the potential to bring it back into commercial operation through the application of technology developed by an existing EMV Capital portfolio company.

"The transaction is a strong example of our Venture Building model in action, bringing together an attractive industrial asset, innovative technology, specialist expertise and third-party capital. It also represents a potentially significant opportunity for DeepTech Recycling, which, subject to agreeing definitive terms and successful implementation, could secure its first full-scale commercial deployment and an important reference site for its technology."

The person responsible for arranging the release of this announcement on behalf of the Company is Ed Hooper, Executive Director and General Counsel of the Company.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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For more information, please contact:

EMV Capital plc	via Rosewood
Ilian Iliev, CEO
Panmure Liberum Limited (NOMAD and Broker)	[phone]
Emma Earl / Will Goode / Freddy Crossley / Mark Rogers (Corporate Finance)
Rupert Dearden (Corporate Broking)
Rosewood (Financial PR)	[phone]
John West / Llewellyn Angus / Lily Pearce

About EMV Capital plc (EMVC)

EMV Capital plc, is a deep tech and life sciences venture capital investment group with an international portfolio of high-growth companies. With a focus on generating superior returns for investors from the fast-growing sectors and technologies that will define our future, EMV Capital invests in, manages and strengthens early-stage IP-rich companies.

EMV Capital holds both direct equity stakes and carried interest in its portfolio companies, creating an evergreen structure that supports extensive growth and value creation. EMV Capital's investment thesis is realised through these capital sources:

·     capital-efficient investments through Group balance sheet;

·     fund management of the Evergreen EIS and Martlet Capital Funds;

·     syndicated investments leveraging its network of third-party investors.

EMV Capital's approach is characterised by its proactive management style, aiming to advance portfolio companies to critical value inflection points by actively engaging with them. Companies are supported through Board representation and the use of its Value Creation Services practice.

Headquartered in London, with a Cambridge presence and strong international links, EMV Capital is quoted on the AIM market of the London Stock Exchange.

www.emvcapital.com

 

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