Vartega, the Denver, Colorado-based developer of carbon fibre recycling technology, has closed an oversubscribed $10 million financing round led by Diamond Edge Ventures, the corporate venture capital arm of the Mitsubishi Chemical Group.

Vartega’s proprietary recycling processes enable the recovery and conversion of high-performance carbon fibre used in advanced materials for aerospace components, automotive parts and wind turbine blades.

The company aims to provide manufacturers with a sustainable source of high-quality recycled carbon fibre via Fenix Fiber and Fenix Fiber+.

Fenix Fiber is a strong, stiff, and lightweight carbon fibre reinforcement for compounded thermoplastics and Fenix Fiber+ is enhanced with high-performance additives such as functionalised graphene.

“The investment by Diamond Edge Ventures validates our efforts to address the urgent need for sustainable solutions in the composites industry,” said Andrew Maxey, CEO of Vartega. “We are grateful for their support as our lead investor for this pivotal funding round. This capital infusion will enable us to expand our operations, enhance our technology and further establish Vartega as a leader in the circular economy.”

The funds will be allocated to fully utilise Vartega’s new 82,000 square-foot production facility and commercialise additional recycling processes to broaden feedstock availability. The company aims to continue collaborating with industry partners to integrate recycled carbon fibre into various applications, including automotive, additive manufacturing, consumer electronics and sporting goods.

“As the world shifts towards a more sustainable future, we are excited to support Vartega in its mission to transform the materials industry,” said Curtis Schickner, president of Diamond Edge Ventures. “Vartega’s approach to carbon fibre recycling aligns with our vision for investing in technologies that positively impact the environment and economically meet current and future customer needs.”

www.vartega.com