New Earth announced the fundraising in August to help grow its waste treatment and renewable energy business. (see MRW story)
New Earth chairman Bill Riddle said: Im delighted to announce the first closing of our current fundraising and to have Ludgate Environmental Fund on board as an investor. The Ludgate investment team is highly respected in the cleantech sector and will add significant value as we rapidly expand our waste treatment and energy facilities throughout the UK.
Ludgate Environmental chairman John Shakeshaft commented: Given our core focus on and our investment experience in waste management and resource recovery, we are particularly pleased to be investing in New Earth at this stage in the companys development. We look forward to working with Impax Asset Management as a substantial co-investor and the companys management team to actively encourage the further growth of the business.
Impax Asset Management is already an investor in New Earth and holds a larger share in it than Ludgate Environmental.