Sterecycle, a UK waste recycling technology company, has raised £10m from a number of institutional and retail investors as well as existing backers.
This latest round takes total equity funds raised to £34m since its founding in 2003.
The new capital will be used to implement a multi‐year programme in recycling plants based on its environmentally‐friendly autoclave technology.
In particular, the company will invest part of the funds to expand the capacity of its Yorkshire 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 number of staff at the plant, built at a former British Steel site in Rotherham, will also increase, from 37 to 57.
The number of staff at the plant, built at a former British Steel site in Rotherham, 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, Wales which received planning permission last year and is expected to go live in 2011 with 60 new jobs.
As part of its long term growth strategy, the company plans to build further plants in the UK over the next few years.
Sterecycle also announced the appointment of a new Chief Executive, Tom Shields, to lead the expansion programme.
Mr. Shields has over 30 years experience in the chemicals sector.
FinSMEs
06/02/2010