The Australian startup, founded in 2018, rapidly expanded in May when it acquired venture-backed Victorian recycler Scipher Technologies, including its solar panel recycling initiatives, for $5 million.
It was a discount. Two years prior to this point, Scipher secured $15 million in a Series B funding round from Clear Power Finance Company and the Australian Enterprise Development Fund; however, according to directors McGrath Nicol’s report, more than $20 million remains outstanding, resulting in a complete lack of returns for shareholders.
The acquisition effectively doubled Sircel’s size, with an additional 40 employees joining the team. The startup currently operates across five websites in New South Wales, Queensland, and Victoria, with a network of over 50 partners comprising companies, councils, and electronic waste organizations. Proudly asserts its ability to redirect up to 100% of end-of-life electronics, seamlessly transitioning them from client-owned assets to civic infrastructure while simultaneously recovering valuable materials for reutilization.
Only about a third of electronic waste is currently being recycled, while more than 500,000 tons of it end up in landfills each year, a staggering statistic that highlights the urgent need for greater e-waste management.
e-waste sorting at Sircel
Prior to the transaction, Sircel secured $16.4 million from its existing investors in 2023, accompanied by a $5 million convertible note from an anonymous strategic investor.
Anthony Karam, founder of Kilara, announced that the newly secured funding will facilitate the accelerated development of Stage 1 solar panel recycling facilities at Parkes, a hub in central New South Wales.
The challenge was launched by Scipher prior to its demise, backed by a grant from the New South Wales Environment Protection Authority (EPA).
“We’re thrilled to be participating in this initiative, made possible through the support of the New South Wales Environment Protection Agency as part of its innovative Round Solar Program.”
“This funding will support the establishment of Australia’s premier photovoltaic panel manufacturing facility within the Parkes Recycling Precinct, enhancing ‘s recycling capabilities and addressing the growing challenge of e-waste.”
The Sircel CEO stated tackling Australia’s e-waste drawback correctly “is a capital-intensive course of that has required years of R&D and funding in highly-complex tools and equipment” to succeed.
“We’re thankful for funding partners like Kilara Capital, joining forces with our diverse cornerstone investors who share our vision, recognize the magnitude of the e-waste challenge, and are committed to investing in long-term benefits for business, individuals, and the planet – allowing us to deliver.”
Kilara Capital’s founder, Ben Krasnostein, noted that the firm’s funding represented a unique opportunity to drive several climate-positive outcomes, while Irina McCreadie, portfolio manager at Kilara, will join the Sircel board.
According to Krasnostein, “the Kilara Development Fund’s applicant actually checks many of the boxes for which its organization appears: a confirmed entrepreneurial model, a steadily expanding customer base, and the capacity to achieve significant climate-positive and commercial outcomes.”
The company’s visionary leadership team has steadfastly concentrated efforts on comprehensively addressing the burgeoning e-waste crisis, eschewing expedient solutions in favor of a holistic approach that has yielded a groundbreaking enterprise poised to transform our understanding of digital waste?
“We’re particularly enthused about innovative approaches that allow us to recover valuable metals from electronic waste, paving the way for a sustainable future in renewable energy while reducing our dependence on mining.”
