New Earth Solutions, the recycling and waste management company, has received a further £4m equity investment from Impax Asset Management.
The deal means that the company is in position to continue on its goal of creating waste management facilities across the UK.
NES has recently gained planning permission to build a new facility in Avonmouth, Bristol, and is due to begin construction of a plant in Lutterworth, Leicestershire.
Currently the company has two 50,000 tonne facilities in Dorset and Kent which are supported by waste management contracts from five local councils. NES also has private sector clients such as McDonald's and ASDA.
The recent investment will also support the launch and development of New Earth Energy (NEE), a sister company to NES with common shareholders and management teams.
The deal is in addition to an earlier £4m investment in December 2007 and means that Impax now holds a 16.3% stake in the company.
"At a time when other cleantech companies are struggling to finance their growth, I am delighted to announce this follow-on investment from the UK's most experienced environmental investor," said Peter Gillatt, managing director at NES.
"These funds will help us accelerate our development and also take advantage of new opportunities in the waste to energy sector, where the synergies with our established waste treatment business are increasingly compelling."
© Crimson Business Ltd. 2009