Maire has announced that its subsidiary Nextchem, through Cirqlar Tech S.r.l., has acquired a 70% stake in the Italian technology company ETEK S.r.l., which fully owns SISEMTEK S.r.l. The transaction marks another strategic step in expanding Nextchem's circular economy portfolio, reinforcing its capabilities in the recovery of critical and precious metals from complex industrial waste streams. The acquisition comes as demand for secondary raw materials continues to rise worldwide, driven by the energy transition, electrification and growing concerns over the security of critical mineral supply chains.
The deal values ETEK and Sisemtek at an Enterprise Value of €17.5 million. Nextchem will pay a total consideration of €11.1 million for the 70% stake, including an initial €5 million financed through existing credit facilities, while the remaining amount will be linked to future performance through earn-out mechanisms running until 2030.
Advanced technologies for critical raw materials recovery
ETEK has developed proprietary technologies capable of processing a broad range of metal-bearing waste streams, including waste electrical and electronic equipment (WEEE), spent catalysts, end-of-life batteries, photovoltaic panels, mining residues and other industrial by-products. Its technology platform combines advanced pyrometallurgical processes with proprietary hydrometallurgical engineering expertise to maximise resource recovery from heterogeneous feedstocks.
At the core of the platform are Top Blown Rotary Converter (TBRC) furnaces, designed to deliver high recovery rates, operational flexibility and improved energy efficiency. The process enables the production of black copper, which can subsequently be refined into high-value metals such as copper, gold, silver, platinum and palladium through downstream processing. The technology has already been deployed in several industrial applications worldwide, demonstrating its scalability and commercial maturity.
The acquisition significantly broadens Nextchem's circular solutions portfolio, which already includes mechanical and chemical plastics recycling technologies as well as waste gasification systems for syngas production. By integrating ETEK's expertise, the company extends its offering beyond polymer circularity into strategic metals recovery, an increasingly important segment for high-tech manufacturing and clean energy industries.
Supporting Europe's circular economy ambitions
Nextchem plans to integrate ETEK's capabilities across its entire value chain, from feasibility studies and technology licensing to proprietary equipment supply, engineering services, commissioning and operational support for industrial clients. Sisemtek's manufacturing expertise in TBRC furnaces and related equipment will further strengthen the group's ability to deliver integrated recycling solutions.
Commenting on the acquisition, Fabio Fritelli, Managing Director of Nextchem, described the transaction as another milestone in the company's long-term circular economy strategy. He highlighted that the addition of ETEK's proprietary platform complements Nextchem's existing technologies for plastics upcycling, chemical recycling and waste gasification, while opening new opportunities in the recovery of critical raw materials. As global industries seek to reduce dependence on virgin resources and secure access to strategic metals, the acquisition positions Maire to play a growing role in supporting industrial decarbonisation and resource circularity.
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