Recycling specialist Vartega secures $10 million in equity financing

Vartega, a specialist in carbon fiber recycling, secures $10 million in equity funding led by Diamond Edge Ventures to advance Fenix Fiber EasyFeed Bundles for applications in automotive, additive manufacturing, consumer electronics and sporting goods.

Diamond Edge Ventures, the corporate venture capital arm of Mitsubishi Chemical Group (MCG), has shown confidence in Vartega’s vision to create circular supply chains for advanced materials. Other participants in the funding round included Circular Innovation Fund and existing investors HG Ventures and Techstars.

Vartega’s proprietary recycling processes enable the recovery and conversion of high-performance carbon fibers used in advanced materials for aerospace components, automotive parts and wind turbine blades. Vartega’s innovative process reduces waste and provides manufacturers with a sustainable source of high-quality recycled carbon fiber via Vartega’s EasyFeed bundles, known as Fenix Fiber and Fenix Fiber+™. Fenix Fiber is a strong, stiff and lightweight carbon fiber reinforcement for thermoplastic composites. Fenix Fiber+ is enriched with high-performance additives such as functionalized graphene.

“Diamond Edge Ventures investment validates our efforts to address the urgent need for sustainable solutions in the composites industry. We are grateful for their support as our lead investor for this pivotal funding round,” said Andrew Maxey, CEO of Vartega. “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 from this financing will be used to fully utilize Vartega’s new 82,000 square foot manufacturing facility and commercialize additional recycling processes to expand the availability of feedstock materials. The company intends to continue working with industry partners to integrate recycled carbon fibers into various applications such as automotive, additive manufacturing, consumer electronics and sporting goods.

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