Nova Circular Solutions Signs Heads of Terms With Chair Capital for Up to EUR 30M Cornerstone Equity Investment

Chair Capital announces that Nova Circular Solutions BV (NCS), a Dutch developer of advanced recycling infrastructure, has signed Heads of Terms with Chair Capital for a proposed cornerstone equity investment of up to EUR 30M. The investment is intended to fund construction and commissioning of the NCS pyrolysis facility at Chemport Delfzijl in Groningen, designed to convert approximately 42,000 tonnes of plastic waste per year into circular feedstock for the production of new plastics.

The facility will use BlueAlp's latest-generation pyrolysis technology, building on the technology originally deployed at the Ostend facility, which is now owned by BlueAlp. NCS will deploy two production lines with a combined design capacity of approximately 42,000 tonnes of plastic waste per year. The two-line configuration provides greater flexibility in producing different pyrolysis oil cuts, enabling NCS to address a broader range of potential petrochemical offtakers and end-use applications.

The investment is structured under Chair Capital's Investment Architecture as a single equity tranche of up to EUR 30M, deployed at Ready to Build. Deployment is conditional on pre-agreed gateway milestones, the key milestones covering permitting, binding offtake and feedstock agreements, development-phase financing and completion of front-end engineering design (FEED). Deployment is also subject to a thorough due diligence process and Chair Capital Investment Committee approval.

From 1 January 2030, the EU Packaging and Packaging Waste Regulation sets minimum recycled-content levels for the plastic part of packaging placed on the EU market, aligning with the facility's targeted production timeline. The EU's February 2026 implementing decision confirms that chemically recycled content counts towards Single-Use Plastics Directive recycled-content targets, and the EU ban on plastic waste exports to non-OECD countries takes effect on 21 November 2026.

Darren Green, Chief Executive Officer at Chair Capital, commented:

"Advanced recycling sits within Chair Capital's energy transition focus, and NCS has approached it with the discipline the sector requires. The project combines BlueAlp technology with a commercial operating record, a two-line design that broadens its offtake market and a site within an established chemical cluster. Our Investment Architecture ties deployment to pre-agreed gateway milestones, so that capital is committed as permitting, commercial contracts and engineering are secured. We look forward to finalising the Formal Investment Offer and supporting NCS through to construction."

Arnold Frinks, CEO and Managing Partner of Nova Circular Solutions, added:

"Chair Capital's proposed cornerstone investment gives NCS a defined path from development to construction. We have selected BlueAlp's latest-generation pyrolysis technology, building on its operating experience at Ostend, in a two-line configuration that gives us flexibility across product cuts and offtake markets. Chemport Delfzijl provides the power, utilities and logistics the facility requires. The milestone structure follows our own programme through FEED, permitting and commercial agreements, with Final Investment Decision targeted for the first quarter of 2027. We are grateful to our shareholders, partners and stakeholders for the work that has brought the project to this point."

Chair Capital and NCS are finalising the Formal Investment Offer. Final Investment Decision is targeted for the first quarter of 2027, with commercial production targeted for 2030.

About Chair Capital

Chair Capital is a specialist investment firm with £2.1 billion in committed capital, operating from London and Dubai. The firm focuses on energy transition, data centres, AI and MedTech. Chair Capital deploys £10M to £100M+ as principal capital alongside a structured advisory engagement, investing in companies building the critical infrastructure for tomorrow's digital and sustainable economy. Through its Investment Architecture, Chair Capital structures funding deployment around critical business milestones, de-risking the investment journey and positioning portfolio companies for premium valuations.

About Nova Circular Solutions

Nova Circular Solutions BV is a Dutch developer of advanced recycling infrastructure, incorporated in 2023 and headquartered in Groningen. Its first project is a pyrolysis facility at Chemport Delfzijl, designed to process approximately 42,000 tonnes per year of plastic waste that cannot be recycled mechanically into circular feedstock for the petrochemical industry. The facility will use BlueAlp's latest-generation pyrolysis technology across two production lines, building on the technology originally deployed at the Ostend facility. Final Investment Decision is targeted for the first quarter of 2027.

Media Contacts

Chair Capital
Email: press@chair.capital
Website: chair.capital

Nova Circular Solutions
Email: info@ncsolutions.nl
Website: ncsolutions.nl

Forward-looking statements: This press release contains forward-looking statements relating to anticipated funding deployment, technology development, certification timelines, commercial milestones, customer engagement, and market opportunity. Such statements are based on current expectations and are subject to known and unknown risks, uncertainties, and assumptions, and actual outcomes may differ materially from those expressed or implied. Neither Chair Capital nor Nova Circular Solutions undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. This release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.