Faith in the waste to energy sectors potential is evident as Impax Asset Management has invested a further £4million in New Earth Solutions. The money will support the roll-out of NES waste management facilities across the UK just as the company has gained planning permission for a new plant in Avonmouth, Bristol.
Construction on another new plant, in Lutterworth, Leicestershire, is also about to begin.
Funds from the investment will also be used to support the launch and development of New Earth Energy (NEE), a sister company to NES with common shareholders and management teams. This investment follows £4m invested in NES by Impax in December 2007. Impax now holds a 16.3 per cent stake in NES.
NES managing director Peter Gillatt said: "At a time when other cleantech companies are struggling to finance their growth I am delighted to announce this follow-on investment from the UK's most experienced environmental investor. These funds will help us accelerate our development and also take advantage of new opportunities in the waste to energy sector, where the synergies with our established waste treatment business are increasingly compelling."