AXA IM leads growth capital round in Shark Solutions
AXA IM Alts, a global leader in alternative investments with c. €188 billion[1] of assets under management, has led a €20 million growth capital round of investment into Shark Solutions, a cleantech global leader focused on transforming a former waste stream of broken laminated glass (windshields and building glass) into advanced raw materials for paints, coatings, building material, flooring and other industries and for the glass industry as well. The investment is also backed by current shareholders in Shark Solutions – Blue Equity (DK) and Circularity Capital (UK).
Shark Solutions is a global leader in the manufacturing of recycled PVB (PolyVinyl Butyral) from post-consumer damaged windshields and architectural/building glass (laminated glass). Headquartered in Denmark, the Company operates rPVB manufacturing facilities in Europe and the USA which provide advanced sustainable polymers to customers in the paints, coating, adhesives, flooring and industrial markets globally. Shark Solutions is focused on creating sustainable raw materials that help enhance the circular economy and make products more environmentally friendly by providing customers substantial advantages in reduction of CO2 and lower VOCs.
The investment will fund further expansion of capacity at existing Shark Solutions manufacturing facilities in Europe and the United States, to accommodate the increased demand from companies converting to sustainable raw materials in their efforts to reduce their carbon footprint. This Private Placement will strengthen execution of Shark Solutions international growth strategy and provide comfort that the company is well capitalized.
Shark Solution’s plants in Europe and the United States produce post-consumer recycled materials which provide companies unique advantages to create or upgrade their product line with a non-toxic, sustainable raw material alternative that lowers CO2 and VOCs, while also being focused for Cradle-to-Cradle products.
Jonathan Dean, Head of Impact Investing at AXA IM Alts, commented: “We have been following Shark’s progress for some time and believe the business has a competitive edge in the circular economy sector. As one of the market leaders in the provision of advanced sustainable polymers, this investment is aligned with our impact objective to promote resource efficiency and innovative solutions to climate change.”
Jens Holmegaard, founder and CEO of Shark Solutions, commented: "We are proud and pleased to welcome AXA IM Alts as an investor in Shark Solutions. The investment will play a key role in continuing our global expansion. The funding will support the expansion of production capacity to meet the increased demand for sustainable raw materials. We place significant emphasis on partnering with global investor AXA IM Alts that brings more than just capital to the table, as their focus on sustainable initiatives with leading companies is a great support on our mission“.