Plastics recycling company completes equity deal with Wroxall Investors Group.
The U.K.-based company Recycling Technologies, which was spun off from the University of Warwick, has completed an equity financing deal with a syndicate of private investors called Wroxall Investors Group (WIG), based in the U.K.
Recycling Technologies manufactures equipment that the company says enables mixed plastic scrap to be converted into electricity and heat. The company was formed to commercialize the process, which was developed at the University of Warwick. The company was spun out in 2011, with assistance from Warwick Ventures, the university’s research commercialization arm.
Adrian Griffiths, managing director at Recycling Technologies, says, “We are really pleased with this deal. It not only secures the funding we need at this stage in our growth, but simultaneously has expanded the experience that we can draw on as we develop the business.”
The modular plastics recycling system will be able to handle around one ton of plastic scrap per hour. Companies also can add more systems, depending on the volume of plastic scrap the company handles.
Recycling Technologies also announced that it has named Martin Lusby, a private equity investor, chairman of Recycling Technologies’ board.
“Recycling Technologies is at an exciting stage in its development” says Lusby. “The concept of a machine that can be installed into existing recycling facilities to turn what most people still regard as waste plastic into electricity and heat in a CHP plant (Combined Heat and Power) is timely given the increasing costs of landfill and energy prices. With the first machine is due to go into production in 2014, the WIG investment will allow the team and company infrastructure to be expanded at the Swindon base to ensure this commercial opportunity is fully exploited.”
The company recently received an order for one of its systems from an unnamed packaging firm in the U.K. Griffiths says that the company has begun designing the system and hopes to install it at the site in 2014.
Griffiths adds that the system has been designed to handle all grades of plastic scrap. The system is different from other plastics recycling systems in that it has not been structured to be located in central locations, but rather is modular in nature and can be located at the site of a waste management or recycling facility to provide the energy needs for the individual company.
“Our system is easy to ship, install and operate,” Griffiths notes. It can be installed at the back end of a system to allow a company to take in all the plastic material once more recyclable materials are extracted.