In brief: Eiffel backs ‘AI’ plastic recycling business from €300m climate impact fund

Eiffel Investment Group’s €300 million Essentiel fund has invested in a recycling business that “combines artificial intelligence and robotics”, the firm announced. The company, B:bot, manufactures “robots” that streamline the recycling process for plastic bottles. The AI aspect of the company is not clear: while Eiffel’s announcement describes the robot technology as AI, the company’s own website makes no mention of AI. B:bot raised €20 million for this funding round; including participation from Eiffel and existing investor Crédit Agricole Normandie-Seine Participations.

Paris-headquartered Eiffel has established itself as a busy impact fund manager across private asset classes: it took 14th place in NPM’s Impact 50, with $3.25 billion raised across nine private equity, debt and infrastructure funds in a five-year fundraising period. The Essentiel fund, a mid-market growth equity strategy focused on climate and ecological impact, closed on €300 million last year, having initially targeted €500 million.