New Earth Group to raise GBP15m to accelerate growth
Sep 21 2009
Funds to be used to accelerate the growth of the established waste treatment business (New Earth Solutions) and to develop complementary power plants that will recover energy from waste (New Earth Energy).
New Earth Group (‘New Earth’ or ‘The Group’), the British waste treatment and renewable energy company, has announced its intention to raise a minimum of £15m in equity in exchange for a minority stake. Incoming funds will be used to accelerate the growth of the established waste treatment business and to develop power plants that recover renewable energy from waste. BDO Corporate Finance has been appointed advisor.
Bill Riddle, Chairman of New Earth, said: “These funds will allow New Earth to accelerate the growth of its waste treatment plants and to be at the forefront of recovering renewable energy from waste via gasification or pyrolysis on a commercial scale in the UK.”
New Earth Group comprises the waste treatment company New Earth Solutions Group Ltd and the renewable energy company New Earth Energy Ltd.
New Earth Solutions was established by Bill Riddle, in 2002, from waste management origins to help the UK meet its statutory and binding landfill diversion and recycling targets. The company has successfully developed low-impact fully-enclosed facilities that utilise mechanical biological treatment and composting technology.
New Earth Energy was formed in May 2008 to seize the market opportunity to ‘close the loop’ between waste treatment and energy recovery. New Earth Energy is ideally positioned to successfully deploy advanced thermal conversion technologies - namely gasification and pyrolysis. New Earth Energy is also exploring the potential to use anaerobic digestion (AD) technology to convert food, and other organic wastes into renewable energy, either as electricity or as a transportable fuel. Advanced thermal conversion and AD technologies are eligible for double ROCs (Renewable Obligation Certificates) under the UK’s renewable power support framework.
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