Greenwave Circularity Raises $31.5M from Austria’s OeEB
Greenwave Circularity has raised $31.5 million in financing from OeEB, the Development Bank of Austria, its founder and chief executive Devang Kumar told Mint.
Greenwave was established in 2024 as a joint venture between Moon Beverages Ltd, a Coca-Cola franchise bottler, and Jainarain Fabtech Ltd, a manufacturer of recycled polyester (PET) fibres and flakes.
The company plans to use the funding to develop an integrated plastic recycling facility in Odisha. Once operational, the plant will recycle used PET bottles into food-grade recycled plastic that can be used to make new packaging for food and beverage companies.
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Under the latest Plastic Waste Management Rules, beverage and other rigid plastic packaging will need to contain at least 40% recycled plastic in fiscal year 2027 (FY27), with the requirement set to rise further in subsequent years.
“The investment is, at the outset, creating the most modern infrastructure, backed by European technology and powered by AI (artificial intelligence) and ML (machine learning).
The idea is to go beyond recycling. It’s not just about converting a bottle back into a bottle; it’s also about doing the same job with the lowest possible carbon footprint,” said Devang Kumar, founder and chief executive, Greenwave Circularity.
“We've partnered with the best of technologies from Switzerland, the UK, France and Italy,” he added.
The financing is backed by a guarantee from the European Union Fund for Sustainable Development (EFSD+) under its Transforming Global Value Chains (TGVC) programme, which enables European development finance institutions to lend to companies in emerging markets by mitigating investment risks.
Kumar said the company expects to commence operations in 2027. “Post-commencement, the plan is that in about three to four years, we will triple the capacity. We already have the resources and land allocation for that. Parallelly, we will look at other circularity opportunities that come along the way,” he added.
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