At P2i, we’ve been on a transformational journey since our beginnings in 2004. From our initial work in designing repellent coatings for clothing to protect the lives of the wearers to the development of nanotechnology-powered liquid protected coatings in a range of electronic devices, we’ve remained at the forefront of innovation. As part of the next step in our growth strategy, we’re delighted to share the news that we’ve received an £8m investment from Circularity Capital, a private equity firm specialising in in the circular economy.
For us, it’s a fantastic opportunity to take the next step in our environmental, social and corporate governance (ESG) journey and continue to drive sustainable practices through electronics. Circularity Capital invested in P2i due to our ability to increase the product lifecycle of devices with our liquid protected coatings and nanotechnology. Circularity Capital believes in the purpose of companies, rather than just the short-term gains, and was impressed by the technology our business has developed.
Our solutions have never been more critical to achieving a more circular economy. Indeed, 71% of carbon emissions in the electronics sector are typically created during manufacturing. With consumers taking their smartphones to more locations and harsher environments, the risk of liquid ingress and device failure is increasing. Our technology enables electronic components to be reworked in comparison to conventional conformal coatings, thus extending the life of devices.
For Circularity Capital, our ability to reduce high levels of environmentally damaging e-waste was critical. After all, according to the Global E-waste Monitor 2020 report, a record 53.6 million metric tonnes of e-waste was generated worldwide in 2019 alone, increasing by 9.2 metric tonnes in just five years.
In addition to enhancing our circular economy credentials, this investment will allow us to expand in both our existing markets (such as mobile phones, Bluetooth headsets and hearing aids protection), as well as move into new vertical opportunities (such as the automotive industry, medical devices, industrial IoT devices, augmented reality and drones).
Typically, a significant portion of our work has focussed on OEMs and smartphone brands in the US and China, but with this investment behind us, we’ll now have the opportunity to expand into more geographies across Europe, plus India, Japan and South Korea. Not only that, but this financing also allows us to ensure our customers benefit from a better performing product and also allows them to meet their own ESG targets.
We also have some further plans in the pipeline that this investment will drive in the long-term beyond 2022. This includes evaluating how our core technology platform can contribute to increasing product lifecycles and aiding recyclability in the future.
For P2i, this partnership isn’t just significant financially, but is also valuable to us in terms of the insight and advice that Circularity Capital can provide. In protecting electronics, we’re also protecting the environment, and we’re excited to work towards our sustainable development goals with the experts by our side and expand our role in reducing the damaging effects of climate change.
Take a look at the full details of the investment in the news release here.