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New Earth achieves first close with Ludgate investment

New Earth Solutions Group, a UK waste treatment and renewable energy company, has completed a first close of its GBP15m equity fundraising announced in August 2009 with a GBP5m investment by Ludgate Environmental Fund.

Nick Pople, director of Ludgate Investments, investment adviser to Ludgate Environmental Fund, says: "The strength of the management team and what they have delivered to date, alongside the company’s potential to become a leading player in the development of new waste treatment technologies in the UK are key attractions of New Earth to us. This is also part of the reason why we were prepared to work to an accelerated timetable to secure Ludgate Environmental Fund’s position in this fundraising."

The funds from Ludgate Environmental Fund’s investment will be used to accelerate the growth of both New Earth’s waste treatment and renewable energy businesses.

Bill Riddle, chairman of New Earth, says: "I’m delighted to announce the first closing of our current fundraising and to have Ludgate Environmental Fund on board as an investor. The Ludgate investment team is highly respected in the cleantech sector and will add significant value as we rapidly expand our waste treatment and energy from waste facilities throughout the UK."

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