Catapult exits Whelan Refining

Catapult Venture Managers has sold its stake in Whelan Refining to the company’s management team.

Catapult invested in Whelan in 2006 alongside Bridges Ventures to enable the refurbishment and re-commissioning of a redundant oil refinery in Stoke-on-Trent.

Following the investment, the plant was re-engineered to become the first and only waste oil refining plant in the UK – recycling waste oil to produce base oil which is sold back to the lubricant industry.

Since 2006 Whelan has diverted over 100,000 tonnes of waste oil from use as a low grade fuel while producing net savings of over 300,000 tonnes of greenhouse gas emissions.  

The exit provides a return of 4.7x the total investment for Catapult’s Advantage Enterprise & Innovation Fund (AEIF). Launched in 2005, AEIF provides growth capital to innovative West Midlands based businesses.