Sterecycle, a UK waste recycling technology company, has raised GBP10m to kick-start a multi-year investment programme in recycling plants based on its environmentally-friendly autoclave technology.
The funds raised have come from a number of institutional and retail investors as well as the company’s existing investors.
This latest round takes total equity funds raised to GBP34m since its founding in 2003.
Sterecycle’s founder Duncan Grierson says: “This latest round confirms that, despite the challenging economic environment, there is considerable interest in waste treatment technology. Our proven process, now operating at commercial scale for over 18 months, is ripe for rolling out around the UK.”
Sterecycle will invest part of the funds to expand the capacity of its Yorkshire plant. By late 2010 capacity is expected to double from 100,000 to 200,000 tonnes per annum, taking waste from the three local authorities of Barnsley, Doncaster and Rotherham, along with commercial waste.
Some of the proceeds will be used for development of Sterecycle’s second site in Cardiff, Wales which received planning permission last year and is expected to go live in 2011 with 60 new jobs.
The company plans to build further plants in the UK over the next few years.
Sterecycle has appointed a new chief executive, Tom Shields, to lead the expansion programme. Shields has over 30 years’ experience in the chemicals sector. He was previously managing director of KemFine UK, a specialty chemicals business with GBP45m of turnover and 262 staff.
