Polysmart grows its production capacity and customer footprint
Polysmart, a leading Nigerian rPET manufacturer, is set for substantial growth through new offtake agreements and increased production capacity. Established in 2013, Polysmart excels in converting plastic waste into high-quality food-grade and non-food-grade rPET resins and pellets.
The company has recently secured significant customer wins in Manuchar (Belgium), Rite Foods (Nigeria) and a leading global carbonated soft drink brand, affirming its capability to meet international quality standards. To address the rising demand for rPET, the company plans to expand its production capacity to 36,000 metric tons annually by FY 2025, seeking USD 35 million in debt and equity financing.
Polysmart’s successful track record includes securing USD 12 million from the Central Bank of Nigeria in 2022, which was used to acquire Polysmart’s third production line (first “food grade” line), which, as of last quarter, is now in high utilisation. These strategic initiatives underscore Polysmart’s robust growth trajectory and commitment to sustainability in the circular economy sector.
Verdant Capital is currently raising additional expansion capital for Polysmart.