CEFC backs Samsara Eco and infinite recycling
The CEFC congratulates Samsara Eco on its Series A raise as it further develops infinite recycling technology to help tackle plastic landfill waste, a major source of emissions. With an investment now totalling $9.1 million, the CEFC is backing the Samsara Eco technology to overcome the constraints of existing recycling techniques and help lower Australia’s carbon footprint.
“The ability to infinitely recycle plastic provides an important option to tackle the enormous challenge of plastic recycling that we face today. The CEFC has now recommitted to back Samsara’s innovative technology, which is a welcome and necessary solution to the major challenge of plastic recycling, increasing recovery rates and reducing the volume of plastic that ends up in landfill.”
Samsara Eco media release
2 November 2022
Samsara Eco raises AU$54M in Series A to scale infinite plastic recycling
Australian enviro-tech startup, Samsara Eco has raised $54 million in a Series A funding round as it prepares to scale infinite recycling. Samsara Eco is creating infinite recycling to end plastic pollution with its plastic-eating enzymes that break down plastic to its core molecules regardless of colour and state. The new capital comes as Samsara Eco sets its sight on building its first plastic recycling facility later this year ahead of full-scale production in 2023.
Among the new investors supporting Samsara’s mission to ensure no new plastic is made from fossil fuels again are Breakthrough Victoria, Temasek, Assembly Climate Capital, DCVC and INP Capital. Other co-investors in the round include founding and returning investors; deep tech fund Main Sequence, Woolworths Group’s W23 and Clean Energy Finance Corporation (CEFC) Innovation Fund, managed by Virescent Ventures.
In partnership with the Australian National University (ANU), Samsara launched last year having developed a new way to infinitely recycle plastic to help end the plastic pollution crisis. Samsara’s ground-breaking technology uses enzymes to break plastic down to its core building blocks, which can then be used to recreate brand new, virgin-quality plastic, again and again.
The capital round is being used to grow the company’s engineering team, develop its library of plastic-eating enzymes and fund its first commercial facility which will facilitate the infinite recycling of 20,000 tonnes of plastic from 2024. Samsara is also looking into expanding its operations into Europe and North America.
“Plastic is one of the greatest inventions of the 20th century and provides enormous utility because of its durability, flexibility and strength. Yet, plastic is an environmental disaster, with almost every piece of the nine billion tonnes ever made still on the planet,” says Paul Riley, CEO and Founder of Samsara.
Samsara serves a solution to the problem. Instead of mining for fossil fuels to create new plastic or relying on current recycling methods which result in less than 10 per cent of plastic waste actually being recycled, Samsara takes plastic that already exists to infinitely recycle it.
“You can’t solve the climate crisis unless you solve the plastics crisis. Unlike other alternative recycling practices, our process is economical, with a low carbon footprint and allows for the effective recycling of challenging plastics including coloured, multi-layered or mixed plastics and textiles. Our technology means we have enough plastic in the world already and with our technology you never need to produce plastic from fossil fuels again,” adds Riley.
As it gears up for commercialisation, Samsara is working alongside its first partner, Woolworths Group, to bring the potential of infinite recycling to supermarket shelves. The first enzymatically recycled packaging is set to be launched in Woolworths next year, serving a key milestone for Samsara’s roadmap to recycling 1.5 million tonnes of plastic per annum by 2030.
Main Sequence Partner, Phil Morle: “Samsara is a powerful example of how deep tech can be used to solve real world problems. Its breakthrough technology based on science has the potential to end our reliance on fossil fuels for plastic creation, and with it, bring us one step closer to ending the plastic pollution crisis we currently face. These are exactly the type of ideas and startups we want to help grow and scale.”
Around the world, legislators have set increasingly high standards to mandate a move towards plastic waste reduction. Geopolitical and social forces are aligning to put pressure on governments and corporations to tackle the plastics problem, and now technology innovation is serving a solution for effective plastic recycling management.
“Every minute of the day, the equivalent of a garbage truck full of plastic ends up in our oceans. By 2050, the volume of plastic by weight will exceed fish in the sea. We’ve had fantastic growth so far, but the plastic problem is growing faster. Access to this funding will enable us to accelerate the capabilities of infinite recycling and scale our technology which breaks down plastics in minutes, not centuries,” concludes Riley.
W23 Managing Director, Ingrid Maes:"Samsara is at the forefront of recycling, having identified a new way to infinitely recycle plastic, which has been a major challenge for businesses globally. We’re excited about the potential of Samsara and its ambitious plans, which have the power to positively disrupt the role of plastics in supermarkets and retail environments. We look forward to partnering with Samsara as they work to make infinite recycling a national and global reality.”
Samsara is creating infinite recycling to end plastic pollution. With breakthrough science, we have developed a new way to break plastic down to its core molecules, which can then be used to recreate brand-new plastic, again and again.
Its patented process is carbon-neutral, environmentally friendly and requires nothing more from our planet or everyday consumers (time, energy, resources, money).
Samsara is backed by the brightest minds at The Australian National University (ANU), Main Sequence, Woolworths Group, W23, CEFC and Wildcard Ventures. Now with new investors such a s Temasek, Breakthrough VIC and DCVC - together, we will divert plastic from our landfills and oceans, and remove the need for humanity to create plastic from fossil fuels ever again, (whether it’s for the bottles we drink from or the clothes we wear) for a cleaner and more sustainable future.
Media release, 2022