Equipment and jobs boost for Newcastle recycling firm with £2m investment
A North East-based recycling firm has secured £2m investment to upgrade its equipment and create new jobs.
Impact Recycling Limited has secured the funding from private investment and alternative finance specialist IW Capital to invest in its Newcastle base as well as add to its staffing resource and fund initial licence opportunities.
The firm, which uses recycling technology to separate the components of waste into two streams of plastic; polyethylene (PE) and polypropylene (PP), hopes that the funding will support the growth of its BOSS (Baffled Oscillation Separation System) system.
CEO of Impact Recycling, David Walsh, commented: “This investment from IW Capital will allow us to accelerate the growth of our breakthrough BOSS technology, significantly increasing the amount of plastic recycled in the UK and paving the way to a circular plastic economy.”
Luke Davis, IW Capital’s chief executive, added: “We are all really excited to be providing this investment for Impact Recycling, both in terms of the inventive service they provide and the exit opportunity that the business presents.
“In recent years there has been an increasing appetite within investors to support ethical and forward-facing businesses while retaining the same rates of return on their capital.
“This type of opportunity offers both, through an innovative and scalable solution to one of the biggest problems facing the world today. We have seen tremendous demand for SME investment opportunities in the last 18 months and this is no exception.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.