Platform on concrete and steel in construction
This long-term investment supports the development of new locations, the expansion of existing operations, and further innovation.
SL Materials, formerly known as Urban Mine, has received an initial investment commitment of €100 million from the Aviva Investors’ Climate Transition European Infrastructure Fund (“CTEIF”) and the ABN AMRO Sustainable Impact Fund (“ABN AMRO SIF”) to support the company’s next phase of growth. The transaction was backed by Kingsley Capital Partners (“KCP”), including through the contribution of Koreco, Kingsley’s British circular concrete platform, which is now a wholly owned subsidiary of SL Materials.
SL Materials is redefining the way concrete is recycled, using its own fully integrated process that addresses one of the construction industry’s greatest challenges in terms of CO₂ reduction and resource efficiency: recovering valuable materials from demolition concrete and reusing them in high-quality applications.
Using its proprietary Smart Liberator and Smart Refiner technologies, SL Materials recovers cementitious materials, sand, and gravel from demolition concrete for reuse in new, low-carbon concrete applications, rather than having them used as low-value fill material.
What sets the company apart above all else is that it combines circularity with commercial performance. Because the quality of the recovered concrete fractions is preserved, SL Materials can produce high-quality, low-carbon concrete that meets the same requirements for strength, durability, and certification as conventional concrete, without customers having to compromise on performance, availability, or price. Depending on the product specification and application, SL Materials’ solutions also deliver a significant reduction in material-related CO₂ emissions compared to traditional concrete.
The investment supports the expansion of SL Materials’ existing operations in Zaandam, in the Amsterdam Metropolitan Area, and the development of additional production capacity at new locations. In addition, the investment enables further innovation and allows for the utilization of additional potential at the existing location.
Along with the launch of its new brand identity, the company has also made changes to its executive leadership team. James Cousins has been appointed CEO and Steve Millburn COO. Together, they have decades of experience scaling up and leading industrial companies, and they will guide the company as it expands its production.
Together with René Rutte, CTO, and Sven Hiskemuller van der Zijden, CCO, they form the core management team responsible for SL Materials' next phase of growth.
James Cousins, CEO of SL Materials, says:
“This investment is a strong endorsement of both our proven technology and the scale of the opportunities ahead of us. We have demonstrated that concrete from demolition can be converted on an industrial scale into high-quality raw materials for new concrete, without compromising on quality or technical performance. With the long-term support of Aviva Investors CTEIF and ABN AMRO SIF, we can now build on that foundation, expand our capacity, and develop SL Materials into a leading industrial platform for circular, low-carbon concrete.”
The investment coincides with the launch of SL Materials’ new brand identity, which unites the company’s technology, operations, and growth ambitions under a single brand. The company, formerly known as Urban Mine, is entering its next phase with the institutional support and resources needed to scale up.
Angenika Kunne, Head of Infrastructure Equity at Aviva Investors, adds:
“SL Materials combines a proven track record at commercial scale with what we see as a compelling opportunity for further growth. The company has demonstrated its ability to produce high-quality circular concrete that can compete with conventional products in terms of both performance and price. We therefore see significant potential to build on that existing platform, particularly through short-term opportunities to expand production capacity and develop new locations. We look forward to working with our partners to prepare SL Materials for its next phase of growth, as the use of circular concrete continues to expand across Europe and we aim to facilitate investments that contribute to long-term returns for investors.”
“We are convinced that circular concrete can become the standard in the concrete industry,” says Maarten Blomme, Head of Corporate Investments at ABN AMRO. “We invested in SL Materials to scale up its unique concrete recycling technology. With this follow-up investment, SL Materials is well-positioned to expand its capacity and the so-called ‘Liberated ’Concrete" to make it available to more customers. Financing innovative companies such as SL Materials is a key part of how ABN AMRO supports Europe’s transition to a more circular and resilient economy, and we are proud to support that ambition.”
“We founded Koreco with the goal of bringing SL Materials” distinctive concrete recycling technology to the British market,“ says Jakub Świeboda, Partner at Kingsley Capital Partners. ”Merging Koreco directly with SL Materials creates a stronger and more aligned platform for long-term growth. Now that Koreco is wholly owned by SL Materials, the group is well-positioned to accelerate its expansion in the United Kingdom.”
