01 Nov SEAF Invests in Energy Efficient Recycling Plant
SEAF Bangladesh Ventures (SEAF BV) has invested in Albatross Technologies Limited, a company that extracts lead for reprocessing from used and waste batteries.
Dhaka, Bangladesh – SEAF Bangladesh Ventures (SEAF BV) has invested in Albatross Technologies Ltd. in Bangladesh, a battery recycling company that operates in an environmentally friendly manner to recycle used and waste batteries.
Albatross aims to serve the growing addressable local market in Bangladesh where many batteries are used in conjunction with solar home systems. Albatross will expand its factory in Shreepur, Gazipur to achieve a recycling capacity of 10 MT per day. The investment in Albatross is expected to create a positive demonstrative effect, as its recycling process is 20% more efficient than existing recycling processes. Albatross uses modern technology in its air treatment plant (ATP) that operates as a waste disposal mechanism. The ATP separates at least 90% of air pollutants – such as acid mist, lead fumes, and particulate matters – during the recycling process.
Albatross has commenced operations after taking the first tranche of investment from SEAF. The company has built a lead purifying plant, which can purify lead up to 99.99%. SEAF’s strategic advice and business support services will enable the company to continue to grow in an environmentally sustainable manner.
Waste management is a serious environmental issue in Bangladesh, which has implemented minimal waste collection efforts nationally. The majority of waste in the country is either not collected or dumped in open lands, a particular issue for hazardous battery waste. The work of Albatross to address this issue is a considerable step towards improving waste management and environmental stewardship efforts in Bangladesh.
SEAF pursues high impact economic development through the investment of risk capital in entrepreneurs, coupled with active business partnership and the transfer of knowledge and networks developed in more than 25 years of operation. As of December 31, 2013, SEAF had made more than 400 risk capital investments in 26 countries in entrepreneurs whose products and services improve the lives of people in a financially, socially and environmentally sustainable manner. For more about SEAF, see www.seaf.com .
About SEAF BV
SEAF Bangladesh Ventures (SEAF BV) provides high-growth SMEs with structured capital and quasi-equity investments. The company focuses exclusively on providing growth and working capital to promising companies of this size in Bangladesh. SEAF BV was conceived through the International Finance Corporation’s (IFC) SME Ventures Program – an initiative designed to support risk capital financing to SMEs in underserved emerging markets. SEAF BV focuses on key sectors in Bangladesh that represent strong growth opportunities but lack access to traditional sources of finance. Albatross is the 11th investment of SEAF BV.