Nimbus Capital has committed up to £20m in a growth equity agreement in Letoon Holding the vegetable waste firm as it gears up for a London IPO.
The company has developed a way to use ultrasonic technology to remove nutrients from plants and vegetables. Extracted nutrients have applications in the food, cosmetics and pharmaceutical sectors.
“This is a pivotal moment as we reshape the landscape for the reclamation of high value-added eco-friendly commodities from vegetable and botanical matrices using proven science techniques,” said Matteo Turi, president and CEO of Letoon Holding.
Turi told UKTN that it has an IPO target of no later than 30 September 2024.
The vegetable waste business’ commitment from Nimbus will see it receive as much as £20m for 36 months after its IPO on the London Stock Exchange.
Leeton Holding will also issue warrants to Nimbus to buy up to 6% of common stock.
“With Nimbus by our side, we are now able to take huge strides towards a more sustainable, tech-driven circular economy where food waste, which would otherwise be consigned to the compost heap, can be processed for valuable, precious, and efficacious ingredients, with a global industrial demand,” said Turi.
Nimbus invests primarily in European industry, manufacturing, service and technical trade companies.
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