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The fund is planning to make substantial investments in Eco Baltia's recycling capacity and consolidate the group's leading position in the Baltic region by providing quality and sustainable waste recycling services.

"Today's world consumes more resources than the planet can provide, therefore it is essential that the existing resources are reused in a sustainable way," said Plunskis.

He revealed that with the change of shareholders, the management board of Eco Baltia is now made up of Plunksnis, INVL Baltic Sea Growth Fund Partner Deimante Korsakaite, industry expert Jurgita Petrauskiene, European Bank for Reconstruction and Development senior expert Peter Hjelt and attorney at law Gints Pucens.

Eco Baltia shareholder and Eco Baltia Group CEO Maris Simanovics said that former Eco Baltia shareholders Undine Bude, Viesturs Tamuzs and company Otrais Eko Fonds had sold their shares to INVL Baltic Sea Growth Fund. The amount of the transaction was not disclosed.

"We hope that this marks the beginning of the next stage in the company's development, which will undoubtedly open doors to new global opportunities and markets for the group and its companies. Such internationalization is especially important in the recycling industry, as it will enable us to work with large international companies and to expand the Eco Baltia cooperation network worldwide," said Simanovics.

As reported, INVL Baltic Sea Growth Fund has acquired 52.81 percent of shares in the environmental management company Eco Baltia.