Waste recycling technology company Sterecycle has raised £10 million of investment to build more of its recycling plants which use autoclave technology.
The firm plans to invest part of the funds into its Yorkshire plant to double its capacity from 100,000 tonnes of waste each year to 200,000 tonnes of waste each year by the end of 2010. Waste will come from Barnsley, Doncaster and Rotherham local authorities along with some commercial waste.
Sterecycles second site in Cardiff will also receive some of the money, helping to develop the facility, which is due to open in 2011. The number of staff will also increase on both sites.
It hopes to build further plants in the UK as part of a long term growth strategy.
Sterecycle founder Duncan Grierson said: This latest round confirms that, despite the challenging economic environment, there is considerable interest in waste treatment technology. Our proven process, now operating at commercial scale for over 18 months, is ripe for rolling out around the UK.
Funds have been raised from a number of institutional and retail investors, as well as the firms existing investors.
The plants use an autoclave to turn mixed black bag waste into organic fibre and separate out the recyclable non-organic waste such as metals and plastics.
This new investment takes Sterecycles total equity funds up to £34 million since it was founded in 2003.