Ludgate Environmental Fund invests GBP14.1 million in resource efficiency
Ludgate Environmental Fund Limited has made three new investments in biomass, anaerobic digestion and waste heat recovery, each with the expectation of significant growth potential.
Ludgate Environmental Fund has committed GBP7.0 million to Tamar Energy Limited, to fund the development and construction of food and mixed waste anaerobic digestion plants that produce renewable energy. Tamar Energy is developing a UK network of more than 40 plants with capacity to generate 100MW of electricity over the next five years. The company has an advanced pipeline of projects as well as experienced engineering and construction partners with proven success in the UK. Tamar announced in February that Sainsbury’s, the UK’s leading retail user of anaerobic digestion, is both an investor and strategic partner. Sainsbury’s is working closely with its suppliers to help them access Tamar’s plants and thereby reduce the environmental impact of their operations. Ludgate Environmental Fund is investing alongside RIT Capital Partners plc, the Duchy of Cornwall, Fajr Capital and other investors.
Ludgate Environmental Fund is also leading a GBP5.3 million (EUR6.5 million) growth capital round in waste heat recovery company, Micropelt GmbH based in Freiburg and Halle, Germany. Mitsubishi UJF Capital Co. Ltd is participating alongside Ludgate Environmental Fund and existing shareholders. Micropelt’s thermal energy harvesting technology uses waste heat to generate electricity, displacing batteries in automated equipment for a range of industrial and domestic applications. The company has strong partnerships with major semiconductor and system integrator players worldwide.
The third investment is GBP3.1 million in Ignis Biomass Limited. The funds are intended for the construction of a biomass energy plant in Wick, Scotland to replace oil-fired heat production for the district heating network which is to be bought from the Highland Council.
Chairman of Ludgate Environmental Fund, John Shakeshaft, says: “We are pleased to make these three investments in high growth industrial cleantech companies. These deals represent diverse investment in critically important resource efficiency supporting sustainable economic growth.”
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