The OnePlanetCapital Climate Change EIS fund has led a £1.7m round into the technology company MDFRecovery.

MDF Recovery has a patented solution for the only effective industrialised process to recycle Medium Density Fibreboard (MDF) at scale.

Over 75 million tonnes of MDF is being manufactured globally every year. At end of life, MDF is either incinerated or sent to landfill, making it a huge environmental problem and emitter of C02. The MDFRecovery solution means that recycled MDF can now be provided back to industry at a lower cost than virgin MDF or used for other products in the construction industry.

This investment in MDFRecovery will provide funding to accelerate business growth and deliver the technology to a number of licensees in the UK and Europe in 2023 and 2024.

Matthew Jellicoe, director of OnePlanetCapital, said of the round: “MDFRecovery is one of the most exciting investments we have made in 2023 in that it is unique IP being applied to a massive global problem.”

Craig Bartlett, MD of MDFRecovery, commented: “It was great to get a strategically aligned fund like OnePlanetCapital on board for this raise. The success of this round is great support and vindication of our business going forward.”