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New Earth to raise minimum of £15m in equity

Waste treatment and renewable energy company New Earth Group hopes to raise  £15 million in equity to help grow the business and develop energy from waste plants.

The three operational sites currently owned by the firm have been financed through its own retail and institutional funds with existing senior debt facilities.

A minority stake in the firm will be given in exchange for the equity.

Chairman Bill Riddle 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.

Focusing on advanced thermal technologies such as gasification and pyrolysis, the firm which comprises of New Earth Solutions and New Earth Energy - is also branching out into anaerobic digestion technology.

Recently, New Earth won one of the UKs largest non-PFI  waste treatment contracts with the West of England Partnership with a capacity to handle 120,000 tonnes each year. A facility with the ability to handle 200,000 tonnes each year will be built in Avonmouth under the  £80m nine-year contract.

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