Investment round completed
SiC Processing AG has completed a €53.4 million round of financing to fund further international expansion. The round was led by zouk ventures, a European cleantech investor, with Merrill Lynch Corporate Principal Investments Group, CC Private Equity Partners, Masdar Clean Tech Fund, and Foursome Investments, together with existing investors and the Heckmann family.
SiC, based in Hirchau, Germany, specialises in the management and recycling of used slurry from the solar and semiconductor wafer industries. The company, which owns and operates recycling plants in Germany, Norway, Italy, US and China, has developed technology for recovering silicon carbide and polyethylene glycol required in the wafer cutting process, generating substantial cost savings. It has also developed logistics networks for the storage and transportation of used and ready-to-use slurries.
Thomas Heckmann, CEO said, “We are delighted with the commitment from our new investors and are keen to leverage their experience to broaden our international operations. We are busy putting expansion plans against long-term customer contracts and this financing round will clearly support our efforts.”
Dr. Alois Flatz, Partner at zouk ventures, said, “[SiC] fits well into our cleantech investment approach, which is focused on proven technology companies with strong growth rates in large underlying markets.