Innovative Nigerian Cleantech Firm Wecyclers Raises $4.2 Million to Expand Recycling Plant
Norfund, the Norwegian Development Finance Institution, and Unilever Nigeria have made substantial investments in Wecyclers Nigeria Limited, a recycling company headquartered in Lagos. Norfund has committed Euro 2 million (equivalent to approximately USD 2,247,790.00) as a convertible loan, while Unilever Nigeria has provided an additional USD 2 million. These investments have raised a total of approximately USD 4,247,790.00 for Wecyclers.
The primary purpose of these investments is to support Wecyclers’ expansion and development. The funds will be utilized to establish a new recycling plant in Ogun State, Nigeria. This plant will specialize in recycling PET bottles, transforming them into new bottles both locally and in Europe. With a projected annual capacity of 12,000 tons, the plant aims to significantly contribute to reducing plastic waste and promoting sustainable waste management practices.
The investments made by Norfund and Unilever Nigeria are driven by several compelling reasons. The pressing global issue of plastic pollution necessitates urgent and sustainable solutions. The world’s oceans currently contain an estimated 171 trillion pieces of plastic, with projections indicating a potential tripling of this number by 2040. The investments in Wecyclers aim to showcase an effective model for recycling and waste management, encouraging the development of the recycling industry as a crucial step in tackling plastic pollution.
Source: afrikanheroes
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