Crowdcube โข Greenback Recycling Technologies
Equity crowdfunding
Greenback Recycling Technologies
Greenback delivers circular solutions for hard-to-recycle plastic using proprietary modular advanced recycling technology. Circular recycling enables global brands to meet their recycled content commitments and regulatory obligations, re-uses valuable resources, saves significant carbon vs. fossil production and reduces import dependence.
Key project data
Target amount
8.0 MEUR
Would AI invest?
57/100
1
100
AI-Generated Overview
AI project overview
Condensed summary based on project data
<p><span style="font-size:28pt"><span style="font-family:"Times New Roman",serif"><strong>Greenback Recycling Technologies Limited — Crowdfunding Investor Memo</strong></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Advanced recycling of hard-to-recycle flexible plastic into circular feedstock (π-Oil™), with digital traceability.</em></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Sector: </strong>Cleantech / advanced plastic recycling (deeptech, regulated) · <strong>Stage: </strong>Early commercial (TRL 8→9) · <strong>HQ: </strong>London, UK · <strong>Raise: </strong>£350k min / £8.0m max (Crowdcube ASA)</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI SCORE</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why this score:</strong></span></span></p> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two full-scale plants are actually operating (Cuautla, Mexico since 2023; Heanor, UK inside Amcor since 2025) with certificates issued — real, rare progress for post-consumer pyrolysis.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-size:28.0pt"><span style="color:black">57 / 100</span></span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">But the company's own risk disclosure states the Enval process has not yet consistently run at full design capacity and uptime, so the headline 'TRL 9 / full capacity' is a target this round funds, not an achieved fact.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="font-family:"Segoe UI Symbol",sans-serif"><span style="color:black">โ ๏ธ</span></span><span style="color:black"> Caution</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Financials are weak: cumulative losses above £17m over 2023–2025 on under £0.2m combined turnover, liabilities of £11.5m, and roughly £10.4m of convertible/loan instruments outstanding.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Deal terms are unfavourable to the crowd: A Ordinary shares rank below B shares and a 1.0x preferred loan on exit, some historic instruments convert at ≤£1.00/share, and there is no EIS relief.</span></span></li> </ul> </td> </tr> <tr> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p style="text-align:center"> </p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The round is an Advance Subscription Agreement with no set valuation now — you convert later at a 20% discount, capped at a £60m longstop valuation, so what you own cannot be precisely known at investment.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#e6f1fb; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โน๏ธ This is not investment advice.</span></strong><span style="color:black"> The purpose of this overview is to help potential investors preselect crowdfunding projects quickly without making a final investment decision. Before investing, the final selected project should be reviewed in detail based on the information provided by the company on the respective crowdfunding platform. AI can make mistakes, so you need to double-check data.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ข Company description</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Greenback Recycling Technologies Limited (UK company 11568157, founded 2018) builds and operates modular plants that convert hard-to-recycle flexible and multilayer plastic packaging into pyrolysis oil (π-Oil™) using the Enval microwave-induced pyrolysis process, a University of Cambridge spin-out technology the company acquired. The π-Oil is sold to petrochemical companies to make new food-grade plastic; recovered aluminium is a by-product; and a digital platform (eco2Veritas) issues traceability and "neutralisation" certificates that consumer-goods brands pay for to meet recycled-content rules. The company was founded by Philippe von Stauffenberg, whose prior roles include Executive Chairman of Der Grüne Punkt/DSD and Chairman of Plastic Energy. It reports two operating plants: Cuautla, Mexico (since mid-2023, with Nestlé) and Heanor, UK (since 2025, inside Amcor's site). Turnover is still small (£128,459 in 2025 per draft accounts) against large losses as the business scales. This round is an Advance Subscription Agreement raising between £350,000 and £8,000,000 on Crowdcube to complete engineering to full capacity, prepare for scale-out, and general corporate purposes.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ฏ <strong>Target return</strong></span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target return</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Time horizon</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Target basis</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">AI view on reaching this goal</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>๐ฏ ~10x</strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">โฑ 5–7 yrs</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Default</strong> — the company did not state its own return target or exit horizon, so the platform default applies.</span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:156px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plausible only in a strong scale-out case; near-term the preference stack, dilution overhang and unproven full-capacity operation make a ~10x outcome demanding.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#fbf1dc; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:624px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Why aim for ~10x?</span></strong><span style="color:black"> Startup investing is high risk. Most early-stage companies fail or return little. A small number of winners must compensate for the losers, so each individual investment is typically targeted at roughly 10x over 5–7 years. A lower target across a portfolio of risky bets usually does not produce a positive overall return. This is why we apply a 10x / 5–7 year target when the company does not specify its own.</span></span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ Path to target return</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Sector heuristic</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">For an early-stage cleantech hardware/process business, a ~10x return usually requires proving the technology at full commercial capacity, then scaling from 2 plants to many (the company targets 350+ modules over 10 years) and exiting via trade sale or IPO — a capital-intensive, multi-year path where total loss is a common base-rate outcome.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Current key metric</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">2 operating plants; ~2,800 t plastic/yr and ~£1.8m annual revenue per plant (company-stated); group turnover £128,459 in 2025.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Required scale at exit</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Company-stated 10-year ambition: 350+ modules, 1m+ tonnes/yr recycled, revenue ramp to ~£443m by FY37 (deck projection, explicitly illustrative).</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Implied IRR</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A ~10x return over 5–7 years implies roughly 40–58% annualised. No company-stated IRR exists; this is default heuristic, not a company projection.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ถ Valuation</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Pre-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not set at investment. This is an Advance Subscription Agreement (ASA), not a priced equity round — a valuation is only fixed at a later qualifying round.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Post-money valuation</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Not applicable at investment (see above). A £60,000,000 "longstop" valuation applies only if no qualifying round/sale/IPO happens by 31 Dec 2027.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Instrument</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Advance Subscription Agreement converting into A Ordinary Shares. No interest, not repayable — it can only become equity.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">How the valuation was set</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No pre-money methodology disclosed. On conversion you get shares at a 20% discount to the price of the next qualifying financing round (≥£2m), sale or IPO; if none occurs by the longstop date, shares are issued at £60m ÷ fully diluted equity.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">External benchmarks</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Insufficient reliable comparables. Third-party trackers report inconsistent totals (PitchBook ~$31.2M raised; CB Insights ~$10.88M) and no current pre-money benchmark; the company states £21.7m aggregate raised to date.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Notable terms</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:451px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20% conversion discount; £60m longstop valuation cap (no floor); minimum round £350k, maximum £8m; £2.04m already committed on different instruments; ~£10.4m convertibles/loans outstanding; no EIS relief.</span></span></p> </td> </tr> </tbody> </table> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ Instrument & investor terms</span></span></h1> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">What you own</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">You are not buying priced shares today. You are signing an Advance Subscription Agreement (ASA) — money paid now that automatically converts into A Ordinary Shares later (it is not a loan, pays no interest, and is never repaid in cash). A Ordinary Shares carry voting rights (one vote each), but you will hold them through Crowdcube Nominees Limited, which holds the legal title on your behalf while you hold the "beneficial" interest — so in practice the nominee sits between you and the company. The company also has B Ordinary Shares that carry no votes but a 6% preferred dividend. Because the founder (via Raycrown, 23.85% pre-offer) and other holders control most votes and board appointments, and because exit decisions can be forced by holders of 75% of A shares (see below), your individual voting power over a sale or major decision is limited even though your shares nominally vote.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Dilution and future rounds</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Dilution means your ownership percentage shrinks when the company issues new shares. The company clearly intends to raise more: the ASA is designed to convert at the next financing round of at least £2m, and it states it will need further capital to scale. Crowdfund investors have no anti-dilution protection disclosed — nothing shields your percentage if a later round is priced low.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Worked example (standard cap-table mechanics, not advice; using the £60m longstop as the reference valuation because no priced round exists yet): if you invest £1,000 and your ASA converts at the £60,000,000 longstop valuation, you would own roughly 0.0017% of the company (£1,000 ÷ £60,000,000). If the company then raises £5,000,000 at a £75,000,000 pre-money valuation (a successful up-round), your stake is diluted to roughly 0.00156% (75 ÷ 80 of the original). If instead the next round is a down-round at £30,000,000 pre-money raising £5,000,000, your stake is diluted to roughly 0.00146% and the implied value of your holding falls sharply because the whole company is now valued lower — your ~0.0017% of a smaller pie is worth less than what you paid. Separately, because some existing instruments convert at or below £1.00 per share and about £10.4m of convertibles/loans are outstanding, a future conversion event can dilute new ASA investors further; the exact amount cannot be calculated from the disclosed data.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company has an employee option pool (referenced in the ASA), and issues of employee shares/options up to 20% are carved out of pre-emption rights — meaning the pool can grow and dilute you without you being offered a chance to top up for those specific issues. For ordinary new-share issues, A Ordinary Shareholders do have pro-rata pre-emption rights (a right to buy enough of the new round to keep your percentage), except for those permitted carve-outs and IFC conversions. The current pool size and any planned expansion are not quantified in the materials.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Exit and liquidation mechanics</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">"Liquidation preference" is the order in which people are paid if the company is sold or wound down. Here the waterfall pays, in order: (1) unpaid B-share dividend arrears, (2) B-share capital, (3) A-share capital plus any A-share dividend arrears, and (4) any remaining balance to A Ordinary shareholders pro rata. In plain terms, B shares are paid before your A shares, and separately a "Senior Participating Loan" carries a 1.0x preferred return — so in a modest exit, preference holders and B shares can be paid before crowd investors see much, and you share only what is left.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">"Drag-along" lets holders of at least 75% of the A Ordinary shares (with board approval) force all remaining shareholders — including you — to sell on the same terms. "Tag-along" is the reverse protection: if someone selling would hand a buyer control (over 50%), you have the right to join the sale on the same terms. So you can be pulled into a sale you didn't choose, but you can also insist on joining a controlling sale rather than being left behind.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">There is no lock-up period stated, but there is also no assured way to sell: your beneficial interest can only be transferred to another Crowdcube member, and no active secondary market is guaranteed. Treat this as illiquid for a long time — realistically 5–7 years or more, and only if a financing round, trade sale or IPO happens. If none occurs by 31 December 2027, your ASA simply converts to shares at the £60m longstop valuation, with no built-in way to cash out after that.</span></span></p> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Key risks specific to this instrument</span></span></h2> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Your A shares rank behind B shares and a 1.0x preferred loan on exit — in a low or moderate sale, preference holders are paid before crowd investors, so you could receive little.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No valuation is set now (ASA) — you cannot know at investment what percentage of the company £1,000 buys; it depends on a future round price you cannot see.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No anti-dilution protection for crowd investors, plus ~£10.4m of convertibles (some converting at ≤£1.00/share) — a later conversion or down-round can dilute you disproportionately.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Drag-along at 75% of A shares means a sale can be forced on you without your consent, on terms you did not negotiate.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Shares are held via a nominee and there is no assured secondary market and no EIS tax relief — expect to be locked in until a strategic exit or IPO.</span></span></li> </ul> <h2><span style="font-size:13pt"><span style="font-family:"Times New Roman",serif">Items not disclosed</span></span></h2> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The following were not disclosed in the provided materials; absence of disclosure means you cannot assess them before investing:</span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pre-money valuation of this round (inherent to an ASA — set only at a future round), and therefore the exact percentage a given cheque buys.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder vesting schedule and leaver provisions (whether founder shares are earned over time or lost on departure).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The full cap table (founders %, prior investors %, option pool %, free float %) — only one 23.85% holder is disclosed.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The current size of the employee option pool and any planned expansion before the next round.</span></span></li> </ul> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ Score breakdown</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Category</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Score</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weight</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Verdict & key reason</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Team & governance</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">72</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">15%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Experienced founder (DSD/Der Grüne Punkt, Plastic Energy) and deep board, but Enval IP subsidiary has a strike-off history and the group is complex.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Technology & operational performance</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">60</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Two full-scale plants operating, but the company's own risk disclosure says the process has not yet run consistently at full design capacity/uptime.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Market & demand</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">68</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Large regulation-driven recycling gap, but the pyrolysis-oil market is still developing and sensitive to fossil-oil prices.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Commercial traction & partnerships</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">58</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">18%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Blue-chip names (Nestlé, Amcor, IFC) and live certificates, but pipeline leans on non-binding MOUs/LOIs and the UK site depends on an Amcor permit expiring 31 Aug 2026.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Financials & runway</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">35</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">13%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — Cumulative losses over £17m on under £0.2m combined turnover; liabilities £11.5m; accounts draft/unfiled; a £480k IFC tranche is conditional.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Deal terms & dilution</strong></span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">38</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">12%</span></span></p> </td> <td style="background-color:#fcebeb; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Weak</span></strong><span style="color:black"> — Crowd investors' A shares rank below B shares and a 1.0x preferred loan on exit, and ~£10.4m of convertibles (some at ≤£1.00/share) create heavy future dilution.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Business model & unit economics</strong></span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">55</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">6%</span></span></p> </td> <td style="background-color:#faece7; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Caution</span></strong><span style="color:black"> — Coherent layered SPV/HoldCo model (~£1.8m/plant), but scale-out revenue projections are company-stated and explicitly illustrative.</span></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:173px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Impact / ESG</strong></span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><span style="color:black">78</span></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:73px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">4%</span></span></p> </td> <td style="background-color:#faeeda; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:304px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">Moderate</span></strong><span style="color:black"> — Quantified carbon/water/fossil savings per tonne and clear SDG alignment; main gap is limited independent validation.</span></span></span></p> </td> </tr> </tbody> </table> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Why these weights? </strong>This is a deeptech, capital-intensive, regulated business, so the two categories that most determine whether investors ever see a return are weighted highest: Technology & operational performance (20%) — because everything rests on the Enval process actually running reliably at full capacity — and Commercial traction & partnerships (18%) — because revenue depends on converting blue-chip relationships and MOUs into paying contracts. Financials & runway (13%) and Deal terms & dilution (12%) are weighted heavily too, reflecting large losses and terms that disadvantage crowd investors. Team (15%) is meaningful but slightly below the deeptech default because execution risk now sits in operations, not in assembling talent. Market (12%), Business model (6%) and Impact (4%) round out the rest. All eight categories were evaluable (none marked N/A), so no weight redistribution was needed; weights sum to exactly 100.</span></span></p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ Detailed review</span></span></h1> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Team & governance</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports an experienced founder (Philippe von Stauffenberg — former Executive Chairman of Der Grüne Punkt/DSD and Chairman of Plastic Energy) and a deep board including Susan Searle (Imperial Innovations), Chris Tyas OBE (ex-Nestlé supply chain) and Enval inventor Dr Carlos Ludlow-Palafox. The operating bench spans refining, corporate finance and petrochemicals. However, the dossier flags real governance concerns.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Founder has 30+ years in plastics recycling and EPR, with directly relevant prior leadership roles.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Board and management combine sustainability, supply-chain, chemicals and finance expertise.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Technology's original inventor is retained as technical advisor.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Enval Ltd, which holds the core IP/patents, has a history of compulsory strike-off notices for late filings — a lapse could impair the group's licensing model.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Complex multi-jurisdiction group (UK/Germany/Mexico/Netherlands); the company itself flags subsidiary-reporting complexity as a risk.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Key-person dependency is explicitly disclosed as a risk.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Technology & operational performance</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The Enval microwave-induced pyrolysis process can handle mixed multilayer laminates without washing or pre-treatment and recovers aluminium — a capability few processes have. The company has advanced it from lab to two full-scale deployments. The key caveat is the company's own disclosure about capacity.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Advantages</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Handles hard-to-recycle multilayer flexibles that mechanical recycling cannot.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Two full-scale plants deployed — many post-consumer pyrolysis projects never reach this stage.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">π-Oil reported as accepted by petrochemical buyers.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company states the process has not yet consistently operated at full design capacity and uptime.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The 'TRL 9 / full continuous capacity' claim is a goal this round funds, not an achieved state.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Feedstock variability and quality are flagged as operational risks.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Market & demand</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company describes a large, regulation-driven gap: ~50m tonnes/yr of flexible packaging with under 1% recycled globally, and EPR fees, plastic taxes and recycled-content rules across 40+ countries pushing brands toward recycled feedstock. The demand side, however, carries real uncertainty.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Structural supply-demand gap in food-grade recycled content, backed by binding regulation (EU PPWR, UK Plastic Packaging Tax £228/t).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Multiple regulatory drivers across 40+ countries.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Blue-chip brands already engaged on the demand side.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pyrolysis-oil market is still developing; the company notes some industry projects have been delayed or cancelled.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Demand is sensitive to fossil-oil prices — cheap virgin plastic weakens recycled demand.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The deck's '+£100bn addressable market' is explicitly illustrative, not company revenue.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Commercial traction & partnerships</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports relationships with Nestlé (Mexico plant co-funder), Amcor (UK host/partner), IFC/World Bank, ECOCE, AEPW and Grupo Bimbo, with the Cuautla plant issuing traceability certificates since 2023. Traction is real but early and concentrated.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Edge</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Threats</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Genuine blue-chip relationships and an operating plant issuing live certificates.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">IFC partnership (announced 2024) and AEPW support add credibility.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independent corroboration of plants and partners in public sources.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Pipeline leans on non-binding MOUs/LOIs with no guarantee of conversion to paying contracts.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">UK revenue depends on the Amcor relationship and on extending an environmental permit beyond 31 Aug 2026.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Revenue is tiny relative to ambition; single-site/client concentration is flagged.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Financials & runway</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per draft (unfiled) accounts, turnover rose from £16,000 (2023) to £128,459 (2025) while losses ran at £3.8m, £8.8m and £4.9m across those years, and liabilities reached £11.5m. The business is pre-scale and dependent on continued external capital.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Turnover is growing year on year (£16k → £42k → £128k).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Existing investor support: £2.04m committed before the Crowdcube round.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A £480k IFC tranche is anticipated in 2026.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Cumulative losses exceed £17m over three years on under £0.2m combined turnover.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Liabilities of £11.5m and ~£10.4m of convertibles/loans outstanding (6% p.a. on historic notes).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The IFC tranche is conditional on milestones; accounts are draft/unfiled and could change; near-minimum raise forces roadmap cuts.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Deal terms & dilution</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The instrument is an ASA converting to A Ordinary Shares at a 20% discount, capped at a £60m longstop valuation. The terms place crowd investors behind other capital and expose them to substantial dilution.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Risks</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">20% conversion discount rewards early commitment relative to the next round price.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A Ordinary shares carry voting rights and pro-rata pre-emption on ordinary new issues.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">£60m longstop provides a valuation ceiling if no priced round occurs by end-2027.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A shares rank below B shares and a 1.0x preferred loan on the exit waterfall.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">~£10.4m of convertibles/loans, some converting at ≤£1.00/share — the company flags 'material future dilution risk'.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">No anti-dilution protection, no EIS relief, no floor below the longstop, and nominee-held with no assured secondary market.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Business model & unit economics</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company describes SPV-level plant economics of ~2,800 t/yr and ~£1.8m annual revenue across three streams (oil ~81%, neutralisation fees ~13%, aluminium ~6%), with the HoldCo earning module margin, development fees, per-tonne royalties and dividends. The logic is coherent but the scale-out numbers are unproven.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Layered revenue model captures value at build, commissioning, operation and ownership.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Plant rollout intended to be financed at SPV/project level, keeping HoldCo capital-light.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Diversified per-plant revenue reduces reliance on a single stream.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">10-year projections (£2m → £443m revenue, 350+ modules) are company-stated and explicitly illustrative.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Per-plant economics not yet demonstrated at full capacity across a network.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Aluminium and neutralisation-fee revenue depend on feedstock composition and brand uptake.</span></span></li> </ul> </td> </tr> </tbody> </table> <h3><span style="font-size:12pt"><span style="font-family:"Times New Roman",serif">Impact / ESG</span></span></h3> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The company reports that each tonne of mixed laminates recycled by an Enval module saves roughly 142 kgCO2e, 26 m³ of water and 311 kg oil-equivalent versus alternatives, and aligns the model to UN SDGs 8, 9 and 12. This is a genuine strength of the proposition, with the usual caveat on independent verification.</span></span></p> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ Strengths</span></strong></span></span></p> </td> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:312px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">โ ๏ธ Gaps</span></strong></span></span></p> </td> </tr> <tr> <td style="border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Quantified per-tonne carbon, water and fossil-resource savings.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Clear alignment with binding regulatory/sustainability drivers.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Traceability via eco2Veritas supports verifiable circularity claims.</span></span></li> </ul> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:312px"> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Impact figures are company-stated with limited independent validation in the dossier.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Greenback owns only 26.4% of the eco2Veritas certification entity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Social targets (jobs, picker incomes) are long-term ambitions, not current results.</span></span></li> </ul> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ฉ Red flags & integrity checks</span></span></h1> <table cellspacing="0" class="Table" style="border-collapse:collapse; border:none; width:6.5in"> <tbody> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">1</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Missing critical data</strong> — No pre-money valuation is set (ASA converts at a future round), no company-stated return target/exit horizon, and no full cap table, option-pool size or founder-vesting schedule is disclosed. These limit how precisely the opportunity can be assessed before investing.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">2</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Internal inconsistencies</strong> — The deck frames 'TRL 9 / full continuous capacity' as near-achieved ('we are here'), while the platform risk disclosure states the process has not yet consistently operated at full design capacity and uptime. Not strictly contradictory, but the deck is more optimistic than the risk section.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">3</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>External discrepancies</strong> — Aggregate funding figures do not reconcile across sources: the company states £21.7m raised to date, while PitchBook reports ~$31.2M and CB Insights ~$10.88M. Different scopes/definitions; treat trackers with caution.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">4</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Negative public information</strong> — The company discloses that Enval Ltd (holder of core IP/patents) has a history of compulsory strike-off notices from Companies House for late statutory filings. No other adverse registry or news items surfaced in the dossier.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">5</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Prior fundraises</strong> — Multiple prior rounds and instruments (zero-coupon convertible bonds, convertible loans, a Senior Participating Loan Note; ~£10.4m outstanding), plus £2.04m committed before this round. Whether specific past milestones were met is not detailed; the ongoing need for capital and conditional IFC tranche indicate scaling is not yet self-funding.</span></span></p> </td> </tr> <tr> <td style="background-color:#f4f2ec; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; vertical-align:top; width:47px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong><span style="color:black">6</span></strong></span></span></p> </td> <td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:top; width:577px"> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Valuation reasonableness</strong> — No priced valuation to test, but the £60m longstop valuation is well above the current ~£0.13m turnover and pre-full-capacity operations, so it embeds significant execution expectations. With no reliable external comparables and terms that subordinate crowd investors, the effective entry terms should be treated cautiously.</span></span></p> </td> </tr> </tbody> </table> <p> </p> <h1><span style="font-size:16pt"><span style="font-family:"Times New Roman",serif">๐ Data quality notes</span></span></h1> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories scored N/A: </strong>None. All eight categories were evaluable.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Categories with LIMITED data quality: </strong>None individually flagged as LIMITED; overall dossier data quality is MODERATE, so category scores were capped at 85.</span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><strong>Most material missing items that would change the evaluation if obtained:</strong></span></span></p> <ul> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">The pre-money valuation and the actual percentage a given investment buys (unknowable under the ASA until the next priced round).</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Independently verified plant throughput/uptime data confirming (or not) the path to full commercial capacity.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">A full cap table and the size/expansion of the option pool, to quantify realistic dilution for crowd investors.</span></span></li> <li><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif">Confirmation of the Amcor UK permit extension beyond 31 Aug 2026 and conversion of MOUs/LOIs into binding contracts.</span></span></li> </ul> <p> </p> <p><span style="font-size:10pt"><span style="font-family:"Times New Roman",serif"><em>Memo generated by AI from public information and platform-disclosed company materials. Investors must perform their own due diligence. Past fundraising or operational performance does not guarantee future results. Crowdfunding investments are illiquid, high-risk, and capital loss is possible.</em></span></span></p>
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Platform offering this project
Crowdcube GB
Risk Level
High
Return Level
High
Risk Return Level
Good
Min. Investment
GBP 10
Total Funded
GBP 1357.04M
