New Earth Solutions managing director Peter Gillatt said: This funding from Impax is crucial in helping us meet a core objective to develop six more operational facilities for local authority clients in the run up to 2009. The private equity injection also helps to lay the foundation for our planned flotation on AIM [London Stock Exchanges international market] before the end of next year.
The waste management company has a 50,000 tonne per annum facility operating in Dorset and is supported by waste management contracts with Bournemouth Borough Council and Bristol City Council. A new facility is under construction in Kent and contracted to receive source segregated organic waste from Kent and Essex Councils.
Impax investment manager Jonathan Fogg said: As a result of fast approaching EU and UK targets on waste management legislation, private equity interest within the waste and recycling industry is flourishing. We believe our partnership with New Earth Solutions will help create significantly increased shareholder value.
Image: New Earth Solutions temp probe in biological treatment process