Prova Investments has continued to build its growing portfolio of early-stage businesses operating at the forefront of cleantech, envirotec and the circular economy, by taking an equity stake in Smile Plastics.
Based in Swansea, Wales, Smile Plastics adopts a unique process to turn used and recovered packaging and other plastics waste into beautiful supersized solid surface panels for the decorative architectural and interior design sectors. With examples showcased at the V&A, as well as installed in countless commercial and domestic applications globally (with clients including Dior, Selfridges and Ganni), the end product is highly versatile and adaptive. Whether specifying from its Classic Collection or requesting a custom material hand-crafted to suit specific colour palettes and finish preferences, consistent quality and material characteristics are a given.
With the production of virgin plastic using more than 8% of the world’s oil, 90% of ocean waste consisting of single-use plastics and less than 9% of all global plastic output recycled every year, Smile is working to improve the circularity of plastic packaging. With each panel made from 100% recycled material and 100% recyclable end-of-life, the process maximises resource productivity and extends asset life through sustainable remanufacture.
Richard Postins, director of Prova Investments, commented: “The world depends on plastic as an affordable, versatile and durable packaging material, with more than 367 million metric tons manufactured every year. However, while we produce and consume more and more, the global plastic waste mountain – which takes centuries to degrade – continues to build.
“At Prova Investments, we’re committed to supporting early-stage businesses operating at the forefront of the cleantech, envirotec and circular economy sectors. With a unique model of extending asset life through sustainable remanufacture, Smile Plastics is a perfect fit for our growing portfolio.
“We’re looking forward to supporting the company’s global expansion ambitions, as it brings plastic circularity to more industries and geographies worldwide.”
John Hinnigan, Director of Smile Plastics, added: “We are delighted to have Prova on board as part of a shareholder community committed to fighting climate change and the development of the circular economy. This investment round is central to the expansion of our manufacturing capacity and to move forward our programme of international business development.”