Scipher is pleased to announce it has raised $15m and also has completed the acquisition of one of Australia’s preeminent e-waste recyclers, Total Green Recycling based in Perth, Western Australia.
It has been just under a year since Scipher closed its initial capital raise in June 2021. During that time Scipher has established itself as a leader in the Victorian and NSW e-waste recycling markets and built on its ESG-focused business model and significantly increased its customer base.
We welcome our new investors, the Clean Energy Finance Corporation (CEFC) and the Australian Business Growth Fund (ABGF), who contributed to our funding 50/50. The investment by CEFC and ABGF will underpin the expansion of our operations and support the introduction of new innovative recycling technology to Australia.
With the business combination of Scipher and Total Green Recycling, the Scipher group becomes the largest e-waste recycler in Australia. The combined strength of the group will allow us to provide enhanced recycling and asset recovery services to our clients, customers and partners across the country.
The capital raise and Total Green Recycling transaction were managed by Scipher’s retained corporate finance advisor, J5 Capital.
Scipher Managing Director Chris Sayers said “The investment by CEFC and ABGF in Scipher will ensure we continue to focus on innovation, regulatory compliance and exceptional client service, whilst expanding our national operating footprint to provide positive environmental and social outcomes to all our stakeholders and partners.
“We are especially excited about the addition of West Australian based Total Green Recycling to the Scipher group. The business has been successfully operating for 14 years, and the extensive knowledge and experience the Total Green team brings to Scipher will reinforce our ability to achieve our vision”
CEFC Waste and Bioenergy lead Mac Irvine, who will be joining the Board of Scipher, commented “E-waste recycling is a relatively underdeveloped component of Australia’s waste and recycling sector. We see this investment as an excellent opportunity to upgrade and improve recycling infrastructure and help reduce the volume of e-waste entering waste streams and further contribute to our zero emissions goals. With this investment, made through the Australian Recycling Investment Fund, Scipher is targeting direct emissions abatement of more than 20,000 tCO2e annually.”
Co-Head of Investments at ABGF Patrick Verlaine, who will also be joining the Scipher Board, said “Regulators, businesses, and consumers are increasingly focused on the treatment of e-waste. Through our investment, we are supporting a growing business which is investing in leading technology to maximise recovery rates of valuable and what would otherwise be environmentally harmful waste, diverted to landfill. We are delighted to be investing alongside such an experienced and industry-leading management team.”
James Coghill, Director at Total Green Recycling commented “We are very excited about this partnership. Joining forces with the team at Scipher, ABGF and CEFC represents a significant opportunity to bring our aspirations of developing a circular economy for technology to reality. The timing of this partnership couldn’t come at a better time for WA, with E-waste expected to be banned from landfill in 2024. This partnership will ensure Total Green Recycling is able to meet the growing community demand for sustainable, high quality recycling.”