Jiva Completes Investment Round

(Photograph: Eaglerise Electric & Electronic)

Jiva Materials Ltd has completed a £1m funding round led by Katapult VC and Low Carbon Innovation Fund 2 and supported by Sorbon Investments, Armstrong Capital Management and Moonstone. Jiva Materials Ltd was assisted by MBM Commercial LLP in these transactions.

The investment accelerates commercialisation of Soluboard® – a material designed to make printed circuit boards fully recyclable.

As the world becomes more connected, printed circuit boards (PCBs) are becoming ever more present inside our everyday products.

18 billion square metres of PCBs are manufactured every year. The rising value of the precious metals within PCBs and an increasing global awareness of environmental issues both mean that efficient recycling is a necessity.

Jiva has developed a patented, competitively priced and fully recyclable PCB substrate, Soluboard®. This is intended to rival the industry standard, FR-4.

The organic structure of Soluboard® means the non-toxic ingredients begin to delaminate when immersed into hot water. This allows the natural plant-based fibres to be composted, the remaining solution to be disposed of using standard domestic waste water systems and the electronic components to be removed for re-processing.

On a global scale, more than 57 million tonnes of Waste Electrical and Electronic Equipment (WEEE) is produced every year. This number shows no sign of decreasing and the UK contributes an average of 2 million tonnes to the fastest growing waste stream every year. Soluboard® will allow users to reduce the CO2 equivalent by 60% compared to the market incumbent products.

A wide range of blue-chip electronic manufacturers, including EU domestic appliance and white goods manufacturers, have confirmed their interest in Soluboard®. Tighter regulations are being placed on manufacturers of electronics to put the responsibility of recycling firmly with the producer.

Dr Jonathan Swanston, CEO of Jiva Materials Ltd, said:

“All of us at Jiva are very thankful for the support from our shareholders, both new and old. We look forward to bringing Soluboard® to market by working with key players in the world of electronics. It is time for us to take responsibility for our products and the impacts that they are having on the planet.”

Ian Thomas, managing director of Turquoise, the fund manager of Low Carbon Innovation Fund 2, said:

“We are pleased to have invested in Jiva alongside existing and new shareholders. Lowering the carbon footprint and improving the recyclability of printed circuit boards is a major challenge for the electronics industry and Jiva has a unique solution to offer.”

About Low Carbon Innovation Fund 2

Low Carbon Innovation Fund 2 (LCIF2) is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact. LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union.

LCIF2 is part of the UK government’s portfolio of business support products. LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.

About Sorbon Investments

Sorbon Ventures is the venture arm of Sorbon Investments a privately-owned property development and investment business. The aim of Sorbon Ventures is to build a portfolio of game changing and/or

IP led businesses as part of an investment diversification strategy. The investment criteria are

sector agnostic and encompasses early stage pre and post revenue businesses.

About Armstrong Capital Management

Armstrong Capital Management is a London based Asset Manager focused on the sustainable investment sector. Armstrong’s funding comes from both institutional and private investors attracted to its core strategy of identifying opportunities capable of delivering an environmental and/or social impact in parallel with attractive financial returns.

About MBM Commercial LLP

MBM Commercial is an award winning commercial legal firm with a focus on working with high-growth companies in sectors including information technology, data, biotechnology, life sciences and healthcare. MBM provides a range of services including corporate, corporate finance, intellectual property, commercial property, dispute resolution, employment and company administration.

Kayleigh Palmer, Associate at MBM Commercial, said:

“MBM were delighted to be able to assist Jiva again in closing their latest funding round. It is great to see Jiva moving towards the commercialisation of its Soluboard® material and we are confident that Jiva will use this funding as the springboard to grow the business further.”