Sterecycle has announced that it has raised £10 million to kick‐start a multi‐year investment programme in recycling plants based on its environmentally‐friendly autoclave technology.
Sterecycle will invest part of the funds to expand the capacity of its Rotherham plant. By late 2010 capacity is expected to double from 100,000 to 200,000 tonnes per annum (tpa), taking waste from the three local authorities of Barnsley, Doncaster and Rotherham, along with commercial waste. 200,000 tpa is equivalent to the waste produced by 400,000 people.
The Rotherham facility is the world's first commercial-scale facility that applies steam to separate and recycle unsorted household waste. The number of staff at the plant at Templeborough will also increase, from 37 to 57.
In addition some of the proceeds will be used for development of Sterecycle's second site in Cardiff.
The funds raised have come from a number of institutional and retail investors as well as the company's existing investors. This latest round takes total equity funds raised to £34 million since its founding in 2003.
Sterecycle's 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."
The Company also announced the appointment of a new Chief Executive, Tom Shields, to lead the expansion programme.
Tom Shields said: "I am delighted to join Sterecycle at this exciting time and help take the business forward to a multi‐site operation."
Duncan Grierson added: "The UK waste sector is becoming a sophisticated process engineering industry, akin to the chemicals sector which is also highly regulated and with heavy capital investment requirements, so Tom's experience is ideally suited to helping us manage the company's growth."
The company has recently been shortlisted for a 25 year contract with North Lincolnshire Council worth £250 million.
Sterecycle website
Rotherham
Sterecycle will invest part of the funds to expand the capacity of its Rotherham plant. By late 2010 capacity is expected to double from 100,000 to 200,000 tonnes per annum (tpa), taking waste from the three local authorities of Barnsley, Doncaster and Rotherham, along with commercial waste. 200,000 tpa is equivalent to the waste produced by 400,000 people.
The Rotherham facility is the world's first commercial-scale facility that applies steam to separate and recycle unsorted household waste. The number of staff at the plant at Templeborough will also increase, from 37 to 57.
In addition some of the proceeds will be used for development of Sterecycle's second site in Cardiff.
The funds raised have come from a number of institutional and retail investors as well as the company's existing investors. This latest round takes total equity funds raised to £34 million since its founding in 2003.
Sterecycle's 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."
The Company also announced the appointment of a new Chief Executive, Tom Shields, to lead the expansion programme.
Tom Shields said: "I am delighted to join Sterecycle at this exciting time and help take the business forward to a multi‐site operation."
Duncan Grierson added: "The UK waste sector is becoming a sophisticated process engineering industry, akin to the chemicals sector which is also highly regulated and with heavy capital investment requirements, so Tom's experience is ideally suited to helping us manage the company's growth."
The company has recently been shortlisted for a 25 year contract with North Lincolnshire Council worth £250 million.
Sterecycle website
RotherhamImages: sterecycle.com
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