Vartega secures $10 million to promote recycled carbon fiber

Vartega (Denver, Colo., U.S.), an innovator in carbon fiber recycling, has announced the close of its oversubscribed $10 million preferred equity financing led by Diamond Edge Ventures (Menlo Park, Calif., U.S.). The investment will propel Vartega’s mission to solve the world’s toughest advanced materials recycling challenges.

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

Vartega’s proprietary recycling processes enable the recovery and conversion of high-performance carbon fiber used in advanced materials for aerospace components, automotive parts and wind turbine blades. The company’s approach 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 compounded thermoplastics. Fenix Fiber+ is enhanced 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,” Andrew Maxey, CEO of Vartega, notes. “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 allocated to fully use Vartega’s new 82,000-square-foot production facility and commercialize additional recycling processes to broaden feedstock availability. The company aims to continue collaborating with industry partners to integrate recycled carbon fiber into various applications, including automotive, additive manufacturing, consumer electronics and sporting goods.