LONDON UK (January 2013)
University of Warwick spin out company, Recycling Technologies, has completed an equity financing deal with the Wroxall Investors Group (WIG), a Midlands-based business angel syndicate.
Recycling Technologies was formed to commercialise a process developed at the University of Warwick that can transform Mixed Plastic Waste [MPW] into heat and electricity. The company was spun out in 2011, with assistance from Warwick Ventures, the University’s research commercialisation arm.
Adrian Griffiths, Managing Director at Recycling Technologies, comments: “We are really pleased with this 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.”
To enable the investors to fully support the business, Martin Lusby, an experienced chairman and business angel will also be taking a position within the company as Chairman of the Board.
“Recycling Technologies is at an exciting stage in its development” says Martin. “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.”
Ends
For more information, please contact:
Adrian Griffiths, Managing Director, Recycling Technologies Ltd. Tel: 07973 439519;
email: [email protected]
Associated high resolution images click here
Notes for editors:
Wroxall Investors Group [WIG]
WIG is a team of business angels that meet at the Wroxall Abbey Estate, once the home of Sir Christopher Wren. The team, comprised of high net worth individuals from a wide range of technology, industrial and commercial backgrounds, invests in start-up and early stage businesses with excellent growth potential.
Recycling Technologies Ltd
Around 2.4Mt of plastic is still being landfilled each year in the UK [Plastic Europe], enough to supply all the domestic electrical demand of Wales using Recycling Technologies flagship machine, the WarwickFBRTM. Rather than constructing large facilities and transporting the waste to them, with all the intrinsic waste that this implies, the WarwickFBRTM machine can be installed at any site with at least 7000t pa of Mixed Plastic Waste [MPW] to turn a waste into a valuable output.