CirculOil – an oil management system bringing circularity and efficiency to engine lubrication – has overfunded at 145% after securing a quarter million pounds through their Crowdcube crowdfunding campaign.
Just under 300 investors have contributed to the patented solution which stops waste oil from being burnt or lost to the environment.
Steve Goodier, CEO, CirculOil says: “We are delighted with the results of the crowdfunding campaign. To see more than 290 investors pledge to help stop waste is fantastic, and I am immensely proud of the hard work and dedication of our team.
“The investment is focused on scaling the CirculOil solution, delivering the orders we are securing now, and allowing us to bring quick, green, smart technology to industries where we can help address the environmental challenge.”
With 6 billion litres of dirty used oil generated each year, waste oil is the largest liquid, non-aqueous hazardous waste in the world. The technology from CirculOil allows for 100% collection and re-use of waste engine lubrication, creating a circular ecosystem, and reducing carbon emissions by 30%.
Using an innovative platform to track and trace all cartridges, CirculOil helps users to monitor their vehicle maintenance and allows them to control the waste oil on its journey through the circular ecosystem. CirculOil has also reduced the time for operators during the oil change to just 90 seconds, resulting in a quick and clean maintenance process.
CirculOil will be raising further investment later in the year to scale the business and enter new sectors. Direct angle and fund investments are being supported with the Seedlegals investment process.. Investment not only supports CirculOil, but investors can join in with their fight to protect the environment from future, unnecessary waste.
CirculOil seeks to drive circularity and eliminate pollution from waste oil. The company has a patented cartridge technology and lubrication system that allows waste oil to be collected and re-processed effectively and safely.