LONDON: EMV Capital Plc, a deep tech and life sciences venture capital investment group, said its newly formed wholly owned subsidiary has acquired an industrial-scale plastic waste chemical recycling plant in the Port of Rotterdam from members of the Pryme NV group.

Winalot BV, incorporated specifically for the acquisition, bought the Pryme One plant for an undisclosed sum, EMV Capital said in a statement. The company said the deal does not constitute a substantial transaction under AIM Rules for Companies.

The plant was completed and commissioned in 2023 at an estimated capital cost exceeding €50 million. It ceased operations in March 2026 following critical issues with its reactor technology.

EMV Capital said the acquisition represents a new venture-building opportunity, with potential value created both through Winalot and through commercial deployment of technology developed by its portfolio company DeepTech Recycling Limited.

DTR, which specializes in chemical recycling of plastic waste, has developed and manufactured a proprietary reactor it believes can be retrofitted to the plant to enable a restart of commercial operations.

Winalot estimates about £6 million in additional capital expenditure will be required to re-establish the plant, with commercial operations potentially resuming within approximately 18 months. The company said the timeline is subject to securing funding, agreeing definitive commercial terms with DTR and successfully completing the proposed retrofit.

A successful deployment would mark the first commercial-scale validation of DTR’s fluidised bed reactor technology and establish the plant as a demonstration and reference site for prospective customers.

The consideration and Winalot’s initial working capital were funded through third-party debt syndicated by EMV Capital Partners Limited, the company’s wholly owned venture capital and corporate finance firm.

The funding comprises a 30-month term loan for an initial amount of about £1.7 million, with an ability to draw up to £3 million if both parties agree, at an annual compounding interest rate of 11%, accompanied by 25% warrant coverage. It also includes a six-month unsecured term loan for an initial amount of about £0.3 million at an annual simple interest rate of 15%, accompanied by 15% warrant coverage.

The plant is designed to use pyrolysis technology to convert waste plastics into petrochemical products on an industrial scale. It achieved mechanical completion in 2023, and commissioning took place in 2024, delivering revenue from the sale of pyrolysis oil before operations ceased.

EMV Capital Partners was introduced to the opportunity in June 2026 by DTR. The plant is located within Plant One Rotterdam, one of the Netherlands’ recognized Centers for Open Chemical Innovation in the Botlek area, near several of Europe’s largest refineries and major chemicals producers.

Winalot expects access to regional, national and European Union grant and incentive schemes available to companies in the Rotterdam industrial ecosystem.

EMV Capital holds an approximately 18% direct equity interest in DTR, plus a further approximately 31% of assets under management on behalf of third-party investors.

Because Winalot has not yet been equity funded by any third party and remains a wholly owned subsidiary of the EMV Capital group, no separate fair value has been ascribed to EMV Capital’s equity interest in Winalot. The acquired assets will initially be recognized at a book value of €2.1 million. The group’s assets under management increased by about £2 million in connection with the loans, for which EMV Capital Partners is entitled to performance fees.

Dr Ilian Iliev, CEO of EMV Capital and investor director of Winalot, called the acquisition an exciting opportunity to buy an industrial-scale plastics recycling facility at a significant discount to its construction cost.

“This transaction is a strong example of our Venture Building model in action, bringing together an attractive industrial asset, innovative technology, specialist expertise and third-party capital,” Iliev said.