Waste specialist New Earth Solutions has raised £5 million from AIM-listed Ludgate Environmental Fund as part of a planned £15 million fundraising.

Waste treatment company New Earth Solutions has raised £5 million from AIM-listed Ludgate Environmental Fund as part of a planned £15 million fundraising.

The money will be used to develop both New Earth’s waste treatment business and its nascent renewable energy arm, which focuses on waste-to-energy technologies and combined heat and power schemes.

Nick Pople, director of Ludgate Investments, says the firm worked to an ‘accelerated timetable’ to ensure its involvement in the funding round.

Ludgate joins existing New Earth investor Impax Asset Management, which committed £4 million to the company in 2007 and the same sum earlier this year.

Established seven years ago, New Earth has contracts with local authorities in south and central England.