LONDON — SiC Processing AG (Hirschau, Germany), a recycler of slurries from the semiconductor and solar industries, has said it has raised 53.4 million euro (about $75 million) in a round of financing led by Zouk Ventures Ltd.

Zouk was joined in the investment by and joined by Merrill Lynch Corporate Principal Investments Group, CC Private Equity Partners, Masdar Clean Tech Fund, and Foursome Investments together with existing investors and the Heckmann family.

The money is to be used for international expansion, SiC Processing said. It has been raised almost a year after a postponed attempt to conduct an IPO on the Frankfurt Stock Exchange, according to Tornado Insider.

Established in 2000, SiC Processing owns and operates slurry recycling plants in Germany, Norway, Italy, the United States and China. It recovers silicon carbide and polyethylene glycol from slurries after the wafer cutting process, thereby generating cost savings for its customers, compared with throwing the material away.

"We are busy putting expansion plans against long-term customer contracts and this financing round will clearly support our efforts," said Thomas Heckmann, chief executive officer of SiC Processing, in a statement.

"We have been following SiC Processing for some time and have been impressed by their unique technology, focused delivery model and strong customer base. The company fits well into our Cleantech investment approach, which is focused on proven technology companies with strong growth rates in large underlying markets," said Alois Flatz, a partner at Zouk Ventures, in the same statement.

Related articles:

Qimonda, Dresden University launch materials lab

BASF joins IMEC's 32-nm chemicals research program

Applied buys parts cleaning unit from BOC