Ichthion Limited Announces Its Series-A Investment Round
LONDON, Nov. 26, 2020 /PRNewswire/ -- Humans have produced approximately 8.3 billion tonnes of plastic to date, though only 9% of this has been recycled. Through this voracious appetite for plastic and the resulting uncontrolled waste stream, an estimated 150 million tonnes of plastic have contaminated ocean ecosystems, with a further 12 million tonnes entering the marine environment per year.
Ichthion, a multi-award winning company born out of the laboratories of Imperial College London, seeks to overcome the limitations of existing technologies by delivering the first truly scalable solutions to reduce the flow of plastics into the world's oceans, proposing energy-generative systems that uniquely can be installed in rivers, coastal areas and the oceans to remove plastic waste and generate data.
Over the last three years, the start-up has developed its technologies, filed a number of patent applications, signed a letter of intent with the government of Ecuador (which has a huge problem of plastic pollution in places like Galápagos Island, driven by the ocean currents), and proposed feasible solutions for a market estimated at £3 Trillion in 2020.
The company has the goal to install over 300 units worldwide. To achieve this goal, Ichthion, is delighted to announce the commencement of its Series A investment round. The company is seeking an investment of $ 9.4 million USD, secured by its present and future contractual revenues. The new capital is required to build and operate our River Units "Azure", in the program of 300 units worldwide. Key areas for the commercialization of the technologies are the Andean region, Latin America, and Asia. The company also has opportunities in the recycling sector, as well as future commercialization of two other technologies that are under development to tackle microplastics.
The company is one of the winners of the global competition "Cutting River Plastic Waste" organized by the Benioff Ocean Initiative and the Coca Cola Foundation. As a result, the company has signed a contract for $1 million with the University of Santa Bárbara for the deployment of its Azure technology, which has been successfully tested in different environments.
Previously, Ichthion was also one of the winners of the competition of Innovate UK called "Towards Zero Waste" from which it obtained a grant of $600,000 for the development of its technologies, and also completed successfully its Seed round in 2019.
For more information: Please visit www.ichthion.com or email at email@example.com