Waste management firm looks to raise £15 million to grow business
Elaine Brass
21st August 2009
Dorset-based waste treatment and renewable energy company New Earth Group has announced its intention to raise a minimum of £15 million in equity in exchange for a minority stake in the company.
New Earth said it will use the investment to accelerate the growth of its established waste treatment business and to develop power plants that recover renewable energy from waste.
New Earth Group comprises of waste treatment company New Earth Solutions Group Ltd and the renewable energy company New Earth Energy Ltd. New Earth Solutions was established in 2002. The company has developed 'low-impact' fully-enclosed facilities that utilise mechanical biological treatment and composting technology.
New Earth Group formed New Earth Energy in May 2008 in order to seize what it describes as the "market opportunity to ‘close the loop’ between waste treatment and energy recovery", by deploying advanced thermal conversion technologies – namely gasification and pyrolysis and now has three operational waste treatment plants that provide 170,000 tonnes per annum of capacity.
Bill Riddle, dhairman of New Earth, said the £15 million invesment would help put the company at "the forefront of recovering renewable energy from waste via
gasification or pyrolysis on a commercial scale in the UK.”
The group said capital investment for New Earth’s three operational sites has been sourced entirely from the group’s own retail and institutional funds together with existing senior debt facilities. Going forward, the company anticipates that it will continue to utilise these established funding sources and will also consider direct third party investment into projects.