ENESPA AG is developing facilities for recycling mixed plastic waste by means of the thermolysis process and will also operate them in the future. In our partnership with Biofabrik Technologies GmbH, Biofabrik focuses on the engineering of the modules and ENESPA AG develops the feed systems and sites and runs the facilities.
Can the search for capital through online marketing be criticised?
Without start-up capital, an industrial company like ENESPA AG cannot expand, as large investments in development and production are sometimes necessary.
The implementation of Cyrill Hugi’s corporate vision requires capital. He personally invested the first million. In this early phase, it was extremely difficult to find major investors, as there was only a first prototype available and the potential of plastics recycling was barely known at the time. That is why crowdfunding via online marketing was pursued at an early stage. The approach was successful right from the start, then it was further developed and now it is systematised.
It is also worth noting that crowdfunding has become an established practice among many start-ups today.
The corporate structure is based on the following:
- ENESPA AG in Appenzell is the parent company in Switzerland. Cyrill Hugi from Switzerland is a member of the Executive Board.
- ENESPA AG Balzers (100% subsidiary), based in Liechtenstein, is the financing company that has been audited by the Liechtenstein tax authorities. Investments are easier to make from Liechtenstein to Germany (EU area) than from Switzerland.
- ENESPA Deutschland GmbH (100% subsidiary) is the company overseeing the development and operation of the recycling facilities.
Should delays in the project be criticised?
In truth, Covid-19 complicated matters and ENESPA AG’s schedule was delayed by about four months. In mid-March 2021, the first 1000 module was put into operation for test purposes. ENESPA AG sent the paraffin oil obtained to interested buyers for quotation. The first bids far exceeded expectations.
Over the next two to three months, the approval procedures will be in progress while the first 8-tonne system (with 8 modules) is built simultaneously. The goal is to commission the facility in the middle of the year.
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ENESPA AG will generate positive cash flow starting with the first investment. By operating several facilities simultaneously, revenues increase disproportionately and, accordingly, so does the value of the company. There is great demand for this technology. 18 locations in Germany are interested in operating a facility at this time.
The business development fund of the Schwarze Pumpe Industrial Park is very interested in the ENESPA project. Following a thorough investigation, the responsible development bank declared the project eligible for funding. The project will be supported by the development bank once the approval process is completed. The approval process is in progress. (As of July 2020)
The aim is for the first 5,000 kg/day facility in the industrial park to be commissionedby the end of 2020. As soon as this facility is in reliable operation, ENESPA will build another ten facilities and then gradually expand to forty facilities. The ten facilities are expected to be fully operational by the end of 2021.