Ludgate Environmental Fund invest

Ludgate Environmental Fund (LEF) has invested £3m in

as part of overall funding of £13.8m.

The funding has been completed through the placing of fixed rate unsecured convertible loan notes.

Hydrodec’s technology is a patented sustainable oil refining process that takes existing spent oil as feedstock to produce new speciality oils, creating a green cycle. The process produces no emissions as it is a closed loop and it can return ‘as good as new’ oil to utilities and transformer manufacturers.

Nick Pople, the fund’s investment advisor, said: ‘We have been following the commercial development of Hydrodec in Australia for some time and see the US - currently the world’s largest market for transformer oils - as a key stage for the international expansion of the company over the next few years.’

LEF led this funding round and was joined by a number of other co-investors who are existing shareholders in the fund. Following this first investment approximately 11.2 per cent of the fund is now invested.