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Ambitious UK firm secures further major backing

One of the biggest environmental investors in the world has followed Goldman Sachs in taking an equity stake in an ambitious British recycling firm.

Impax Asset Management currently has more than £430 million in funds distributed among companies in the water, waste and alternative energy businesses and has now thrown its weight to the tune of £1 million behind Sterecycle.

The London-based waste management company specialises in advanced systems for the treatment and recycling of municipal wastes using clean steam technologies. It finances, builds, owns and operates plants to provide recycling services to local authorities.

Its chief executive Duncan Grierson said that the investment would probably complete its equity funding and the company would be looking to float on the stock exchange within the next 12 months.

He said: We are very pleased to welcome on board Impax who now have a £1 million equity stake in the business alongside Goldman Sachs who invested last month.

We have been speaking to them for a little while. And as a leading investor with the biggest reserve of funds in Europe, it will add another layer of credibility to the operation.

Impax Asset Management is a wholly-owned subsidiary of Impax Group and took the stake through its flagship investment trust, Impax Environmental Markets.

Sterecycle now has an impressive list of backers. Alisa 3 Ventures, which is one of the UKs leading recycling investors and Goldman Sachs - the worlds leading investment bank- were already on board.

Grierson added: Impax is the biggest environmental investor in Europe, so to have them investing in our municipal solid waste treatment technology is great news.

With the European Landfill Directive, there is obviously a need for clean technology. And as our process produces a variety of different reusable products, there has been a lot of interest.

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