Kaltani secures $4mn funding to tackle plastic pollution

Plastic recycling and waste management company, Carl Taney, has secured a significant milestone in its journey to tackle plastic waste pollution. With a recent funding round of $4 million, the company is gearing up to expand its operations across Nigeria and make a substantial impact in the fight against plastic pollution. The founder and CEO of Carl Taney, Obi Charles Nnanna, shared insights into the company's ambitious plans and vision for a sustainable future. In a recent interview with CNBC Africa, Obi Charles Nnanna shed light on the company's funding journey, stating that the $4 million seed round was the initial target set by the company. He expressed confidence in the funding amount, emphasizing that it would enable Carl Taney to achieve its goals and propel its mission forward. Carl Taney's operational model focuses on collecting, sorting, aggregating, separating, and baling various forms of plastic waste, including WPT, PE, and PP plastics. The waste is then transported to the factory for hot-wash recycling, lab testing, and eventual sale to end-users. The company's approach aims to address the pressing issue of plastic waste pollution in Nigeria, a country that ranks among the top producers of plastic waste in Africa and globally. Nnanna highlighted the scale of the problem, emphasizing the urgent need for solutions like Carl Taney to combat plastic waste pollution effectively. He underscored the significance of the company's role in driving sustainable change and reducing plastic waste to minimal levels. By operating across the plastic value chain, from collection to recycling and eventual sale, Carl Taney aims to make a meaningful impact on the environment. As part of its expansion plans, Carl Taney is set to establish 20 new collection stations in 10 states across Nigeria. The company intends to ramp up its recycling capacity and logistics infrastructure, including adding 20 new trucks to facilitate waste transportation. Nnanna emphasized that this expansion phase represents just the beginning for Carl Taney, with further growth and funding rounds on the horizon. Looking ahead, Nnanna outlined the company's near-term targets, including fully utilizing the current funding round and preparing for a Series A round with a target of $20 million. He projected that Carl Taney's efforts would result in recycling approximately 13,000 tons of plastic waste annually, with future targets set at 40,000 tons per year. The company's ambitious goals align with its mission to revolutionize plastic waste recycling and drive positive social and environmental change. Beyond recycling, Carl Taney is also focused on raising awareness and educating the public about the importance of sustainability and waste management. The company operates a foundation dedicated to training individuals on circular economy principles, waste management practices, and plastic recycling. By empowering communities with knowledge and skills, Carl Taney aims to foster a culture of environmental responsibility and create lasting impact. Nnanna emphasized the transformative potential of the circular economy in Nigeria, citing the $8 billion plastic waste market as a significant opportunity for growth and innovation. He stressed the need for a shift in mindset to view waste as a valuable resource, with Carl Taney leading the way in demonstrating the economic and social benefits of sustainable waste management. In closing, Nnanna addressed the concept of incentivizing plastic recycling, noting that Carl Taney already pays individuals for the plastic waste they provide. The company's approach aims to incentivize recycling and drive increased participation in waste management efforts across Nigeria. As Carl Taney continues to expand its footprint and impact, the vision of a cleaner, greener future fueled by sustainable practices remains at the heart of its mission.