Friday, November 29, 2013

News: Administration for ITI Energy Ltd

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Administrators have been called in at ITI Energy Ltd, a pioneering cleantech company based in Rotherham that secured millions from investors and counted a senior Conservative MP as one of its directors.

ITI Energy was formed to commercialise an advanced gasification technology developed over ten years of research at Newcastle University.

The company manufactures a compact and highly efficient thermal destruction technology that allows the transformation of difficult-to-process feedstocks such as municipal solid waste and sewage sludge into a gas clean enough to fuel an internal combustion engine.

The firm's major project is in Nottingham that included a single gasifier to supply 1.7 MWe/hr Nett to the grid and processes 12,000 tones of refuse-derived fuel (RDF), expanding to five gasifiers in later phases.

Michael Wellard and Roderick Weston of Mazars LLP were appointed as joint administrators earlier this month.

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Based in the Advanced Manufacturing Park Technology Centre, the company relocated to Rotherham with the help of a grant of up to £500,000 from Yorkshire Forward's ERDF Objective 1 Programme.

ITI went on to secure a fundraising deal of £6m with the sole backing of Adurion Global Opportunity Fund (AGOF) that provided £1m of working capital and a further £5m set to be released over the course of the build program for the first ten megawatts of gasification projects.

Private equity fund, Next Wave Ventures LP, also took an equity stake and made a total investment commitment of £4m to the company.

With Tony Fordham as managing director, ITI Energy also had Tim Yeo, MP for South Suffolk and former Minister for the Environment and Countryside, as nonexecutive director (unpaid) and shareholder. Yeo left the directorship role in April along with several others including founding director, Miles Lewis.

Yeo is currently Chair of the Energy and Climate Change Select Committee, a role he only recently returned to after being cleared by the Committee on Standards on all counts of any breach of the MP's Code of Conduct in relation to a newspaper investigation into lobbying.

Related company, Iti Technology Limited continues to trade.

ITI Energy website

Images: Newcastle University

1 comments:

Anonymous,  May 14, 2015 at 1:17 PM  

Really please these burner boys have gone out of business they were trying to rebadge polluting incinerators as gasification. Good news for air quality, bad news for capitalist investors!!

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