A finance deal has been struck to develop a business out of innovative plastics combined heat and power energy-from-waste technology.
Recycling Technologies, a spin out firm, will receive equity financing from the business angel syndicate, Wroxall Investors Group (WIG), to take forward a mixed plastic waste recycling process developed at Warwick University.
Adrian Griffiths, managing director at Recycling Technologies, said of the deal: “It not only secures the funding we need at this stage in our growth but simultaneously has expanded the experience that we can draw on as we develop the business.”
Business angel Martin Lusby will become chairman of the board.
He said: “The concept of a machine that can be installed into existing recycling facilities to turn what most people still regard as waste plastic into electricity and heat in a CHP plant (combined heat and power) is timely given the increasing costs of landfill and energy prices.
“With the first machine is due to go into production in 2014 the WIG investment will allow the team and company infrastructure to be expanded at the Swindon base to ensure this commercial opportunity is fully exploited.”