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Plastics recycler raises £6 million
Article Date: Jul 28 2008AWS Ecoplastics, a Newcastle-based recycler of food-grade plastics, has secured follow-on investment of £6 million from the Sustainable Technology Fund (STF) and asset management firm Robeco. The company has also appointed Tony Knox, founder of City PR firm Financial Dynamics, as its new chairman.
STF, an existing investor, is contributing £1 million in the funding round, while the remaining £5 million is from the Robeco Clean Tech Private Equity II fund. The investment will be delivered in two stages through this year.
Sam Richardson, investment director of STF says, ‘AWS is a profitable company with a huge opportunity to lead the UK market in food grade recycled plastics.
‘There are significant drivers working in its favour, including customer demand on drinks companies to use more recycled content in their bottles along with regulatory pressure to reduce materials going to landfill.’
Jonathan Short, MD of AWS, says, ‘In a sometimes sceptical market I hope this [investment] reassures potential customers that their needs will be met.’
