Nick Spina and Istok Nahtigal are on to a winner with the ‘Denovia 1.0 Depolymerization’ machine that landed in their world-class facility this week. Spina, the co-founder of Denovia Labs, speaks about the importance of the machine in their bid to become global leaders in the plastic waste remanufacturing space.
“We’ve got our first machine arriving which will prove Denovia as the leader in recycling on the planet,” says Nick Spina, Co-founder of Denovia Labs, innovators in plastic remanufacturing.
The London, Ontario-based company announced in late June that their plastic waste remanufacturing device is in full swing, which is set to lead a “breakthrough in plastic recycling technology” according to Spina.
Capable of recycling 1,000 liters of plastic waste per batch, in a process that takes between 5-15 minutes, the machine—dubbed “the Denovia 1.0 Depolymerization,” dissolves plastic waste and upcycles it, utilizing its high-temperature reactor and a proprietary liquid to melt down plastic into pellets of 100% recycled material. In a unique move away from the notion that plastics are detrimental to the environment, Denovia Labs is taking the approach that they’re simply ‘resources waiting to be reborn.’ “It really is unbelievable,” states Spina, excitedly. “The machine is held inside a first-of-its-kind facility that we’re planning to scale to a 50,000-liter facility very shortly.”
The melted-down pellets will be sold on the market at a competitive rate, across several industries, giving seven billion tonnes of plastic waste generated globally somewhere to be housed, with Spina and co. responsible for over 90% of it that isn’t currently being recycled.
This major initiative has caught the eye of major backers, such as New York investment firm Jett Capital Advisory, who have partnered with Spina—and Co-Founder Istok Nahtigal, to provide a solution to the global plastic crisis. Indeed, Jett Capital helps to advance the supply of critical resources, and the development of new technologies to “create the building blocks that are required for a better tomorrow.” Spina is adamant that this new partnership will lead to substantial growth and impact in the fight against plastic waste. “They’re an equity partner of ours, and together we are raising the $40 million needed to finance our facility,” he shares. “Their network is fantastic. We spent some time with them in New York and are very excited to see where our relationship can go.”
Sourcing the optimal technology to allow them to scale, Spina points out that once he realized how efficient “the Denovia 1.0 Depolymerization” was he knew he was on a winner. “It’s all been about scaling ever since, and our partners {Jett Capital} have projected that our technology could possibly be worth $4 billion in the next 12 months. It really is an exciting time.”
The disposal of plastics is currently one of the leading causes of emissions, climate change, and the devastation of marine life. With Spina’s innovation, the aim to lessen plastic pollution while aiding industries that are dependent on those materials can come to fruition. These include, but are not limited to; agricultural biostimulants, water treatment, and recovery of “critical metals” from electronic waste. The “Denovia 1.0 Depolymerization” can significantly increase the waste it processes, providing opportunities for industry leaders to turn to recyclable plastic. “When you see a plastic bottle dissolve and disappear in front of your eyes, it’s pretty profound,” shares Spina. “Now we’re going to see thousands of plastic bottles dissolve in front of our eyes, so it’s even more amazing.”
On top of the arrival of this groundbreaking technology, Denovia Labs has announced an agreement with one of the largest thrift store chains in the U.S.—Goodwill—to recycle 30,000 pounds of hospital garments, to melt down plastic waste into recycled material. This partnership with Goodwill—in accordance with marine transportation and waste removal company TYMAC is a big step toward a cleaner future.
“TYMAC has already shipped 16 pallets of waste products to our facility to be dissolved,” shares Spina. Our partners at Goodwill have shipped tonnes of textile waste that we’re going to be dissolving as well. It’s a massive breakthrough moment for Canada, for us at Denovia, and in fact for the whole world.” Spina continues; “with profit margins up to 65%, these agreements position Denovia for substantial profitability and expansion.”
“A soon-to-be-billion dollar business is scaling in front of our eyes,” Spina concludes. “The sky’s the limit.”
For more information about Denovia Labs and their groundbreaking plastic recycling technology, visit their website today.
About Denovia Labs
Denovia Labs is a London, Ontario-based company that has risen to the challenge of combating the world’s plastic issue head-on. Co-founded by serial entrepreneur Nick Spina and scientist Istok Nahtigal, Denovia Labs’ proprietary technology can produce virgin-quality polyester monomers from numerous types and forms of plastic waste.
The Denovia team has decades of scientific and business experience building innovative companies that have seen significant commercial success.
Follow along as they dissolve the world’s plastic issue, one piece of plastic waste at a time.
