A grant of €29.5m from the EU Innovation Fund has been provided to Plagazi. The purpose of this grant, was to hep the company accomplish the task of scaling the flagship waste-to-hydrogen production project, which is currently under development.
Plagazi’s project was selected out of 337 applications and it was one of eighty-five to receive European funding. This decision was made after several months of comprehensive due diligence on the Swedish firm’s technology, business model and future potential.
One of the reasons why the funding was provided to Plagazi, was because of the interest in what the company does, which is convert non-recyclable waste into sustainable hydrogen. Plagazi does this through exposing the non-recyclable waste to temperatures higher than 3,000 degrees Celsius. The company chose to operate with this technique, as it is expected to align with the EU’s wider circular economy objectives and in doing this it also supports long-term sustainability and resource efficiency.
Plagazi CEO, Soran Shwan, commented, “This grant is a significant milestone for Plagazi and a validation of years of hard work by our talented team. We extend our gratitude to Zaz Ventures for their invaluable support and guidance throughout the application process. This achievement highlights the importance of teamwork, collaboration and shared vision in achieving groundbreaking results. Together with our partners, we look forward to making a lasting environmental impact.”
