Plastic bottle recycler Eco Plastics is looking to expand its operations once again after securing £6m of funding from shareholders.
Ludgate Environmental Fund and Robeco SAM Private Equity have provided the cash which the Lincolnshire-based reprocesser says will be dedicated to “short term added-value expansion opportunities”.
The company’s existing debt provider, Close Brothers, has also committed working capital facilities.
The funding follows on from the £24m that Eco Plastics raised in July last year to finance its joint venture with Coca Cola Enterprises, Continuum, which was responsible for recycling plastic bottles from the London 2012 Olympic games. The company also secured a £1.5m loan from WRAP to expand rigid plastic sorting facilities.
Eco Plastics’ operation in Hemswell is the largest of its type with the capacity to process 150,000 tonnes of mixed plastics a year, including some 40,000 tonnes of bottle-grade rPET pellet.
Eco Plastics managing director Jonathan Short said: “We have made huge progress over the last three years and this investment leaves us ideally positioned to continue to develop our state-of-the-art facilities and to take advantage of any other expansion opportunities that arise.”