MAIRE has strengthened its position in the circular economy sector through the acquisition of a controlling stake in Italian metals recycling specialist ETEK. This marks a significant expansion into the recovery of precious and strategic raw materials.
The company announced that its subsidiary NEXTCHEM, through Cirqlar Tech S.r.l., has acquired a 70% stake in ETEK S.r.l., which owns 100% of SISEMTEK S.r.l. The two companies specialize in advanced recycling technologies and proprietary equipment for recovering valuable metals from complex industrial waste streams.
The deal gives NEXTCHEM access to ETEK’s proprietary technologies for processing a wide range of feedstocks, including electronic waste (WEEE), spent catalysts, batteries, photovoltaic panels, mining tailings and other metal-bearing residues.
The technology enables the production of black copper and, through further refining, high-value metals such as copper, gold, silver, platinum and palladium.
At the core of ETEK’s platform are Top Blown Rotary Converter (TBRC) furnaces, which are designed to maximize metal recovery rates, handle diverse feedstocks and improve energy efficiency. The technology has already been deployed in multiple projects worldwide.
The acquisition significantly broadens NEXTCHEM’s circular solutions portfolio, extending its capabilities beyond plastics recycling, chemical recycling and waste gasification into strategic materials recovery.
By integrating pyrometallurgical, hydrometallurgical and electrowinning processes, the company aims to strengthen its offering to industries increasingly exposed to critical raw material supply challenges.
As part of the transaction, NEXTCHEM also gains control of SISEMTEK, which manufactures TBRC furnaces and other key equipment supporting the industrial deployment of ETEK’s technology platform.
The transaction values the two companies at an enterprise value of €17.5 million. The total consideration for the 70% stake is €11.1 million, including an upfront payment of €5 million funded through existing NEXTCHEM facilities. The remaining amount will be paid through performance-linked earn-outs extending through 2030.
NEXTCHEM plans to integrate ETEK’s expertise across its full service offering, including feasibility studies, technology licensing, equipment supply, engineering, commissioning and operational support for metals recovery projects worldwide.
Fabio Fritelli, Managing Director of NEXTCHEM, commented: “This acquisition represents another milestone in the evolution of NEXTCHEM’s circular solutions platform, built over time leveraging both internal know-how and strategic acquisitions.
"Spanning from rigid plastic upcycling to gasification of end-of-life streams and virgin-like chemical recycling solutions, we have progressively strengthened our ability to transform waste into value.
"With ETEK and SISEMTEK, we now add a proprietary platform for the recovery of strategic and precious metals from complex waste streams, further enhancing our resource recovery capabilities and opening new opportunities in critical raw materials for high-tech and industrial sectors.”
