Marine Metals secures multi-million investment to accelerate circular ship recycling

Rotterdam, 30 September – Enviu proudly announces a milestone in its mission to build world-changing ventures. Marine Metals (formerly CMT International), co-founded and developed together with entrepreneur Frank Geerdink, has closed a multi-million investment round with Sojitz Corporation, Jansen Recycling Group, SPDG, and Victrix, and merged with Marine Steel. This marks the beginning of a new growth phase for Marine Metals and a breakthrough moment for circular ship recycling.

Marine Metals’ story began with Frank Geerdink witnessing the harmful and unsafe shipbreaking practices on the beaches of India. Determined to prove that dismantling ships could be circular, safe, and profitable, Frank spent nearly a decade pioneering technical solutions. More than five years ago, he partnered with Enviu to take this groundwork further. Together, they grew the venture from an idea to a strong business model, from grant funding to private investment in the breakthrough technology.

With support from the EU’s Kansen voor West program, Marine Metals developed a revolutionary approach to ship dismantling: a giant wire saw that slices vessels like a loaf of bread. The sections are then processed automatically into clean, homogeneous scrap steel. In early 2025, the prototype was successfully tested, demonstrating the ability to cut hulls at industrial scale and speed.

This innovation meets a pressing market need. As the steel industry shifts to Electric Arc Furnaces (EAFs) to cut carbon emissions, demand for high-quality scrap steel is growing rapidly. Marine Metals is uniquely positioned to supply this feedstock, enabling both circular ship recycling and the decarbonization of steel production.

Marine Metals has long been recognized as a lighthouse venture for circularity in the maritime industry. Yet progress was hard-won: the sector is slow to change, and it took years of perseverance to build trust and secure financing. Today’s investment proves the model works and validates the venture’s potential to scale globally.

Daniël Moolenburgh, Venture Builder at Enviu reflects:

This financing round will accelerate further technology development and prepare Marine Metals for commercial scale-up.

Alongside the investment, Marine Metals merged with Marine Steel, bringing on board Hugo De Stoop, an experienced leader from the shipping industry, as CEO, and Toufitri Akdime, a seasoned finance professional, as CFO.

Together with founder Frank Geerdink, they will drive Marine Metals into its next growth phase, backed by strategic shareholders who bring not only capital but also deep expertise in shipping, steel markets, circularity, and decarbonization.

For Enviu, this moment demonstrates the power of our venture-building methodology: combining entrepreneurial drive, patient collaboration, and systemic ambition. Marine Metals is proof that circular business models can thrive even in industries as complex as ship recycling.

This achievement is a testament to the persistence of Frank, the commitment of countless partners, and Enviu’s conviction that if we think we can do it alone, we are not thinking big enough.

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Founded on nearly a decade of innovation by Frank Geerdink, Marine Metals develops safe, sustainable, and economically viable ship recycling solutions. In 2025, the company merged Marine Metals BV (Netherlands) with Marine Steel BV (Belgium) to combine technological innovation with global maritime and finance expertise.

Discover how the technology works in this animated video: https://www.marinemetals.com/solution

Want to know more, or interview the Marine Metals team? Get in touch with Daniel.