Kent-based waste-to-energy solutions provider Reclaim Resources has signed a £5 million contract investment and partnership deal with two private investors to supply and install its technology - the Vantage Waste Processor (VWP) to them.
James Buchan and Paul Barratt will invest in the sustainable energy sector and as part of the deal with Reclaim they will establish a new company that will focus on the manufacture of the VWP. The two investors actively focus their resources in Eastern Europe. They will base their firm, as yet unnamed, in Latvia. Reclaim will have a 25% interest in the new company.
The VWP takes household waste and transforms it into biomass ready for conversion into a range of resources, including electricity and bioethanol. The VWP reduces raw, unsorted household rubbish by up to 60% using thermal hydration, processing and sanitising waste material through a continuous feed rotating stainless steel chamber.
Last October, Reclaim Resources signed a £12m contract with the Province of Zambales in the Philippines to supply and install the VWP (see MRW story).
Barratt said: Alternative energy sources are currently a key priority for many countries across the globe and existing waste management solutions are compounding current issues of global warming and toxic waste.
A number of the solutions that are being proposed have significant drawbacks but offer very little benefit. In Reclaim Resources, however, we believe we have found a system that will have a real impact on waste management.