Following the investment by Carbon Trust, Dorset-based New Earth has completed the second closing in its ongoing £15m equity fundraising announced in August 2009, raising £9m to date.
This follows a £5m investment in September 2009 by Ludgate Environmental Fund.
Jonathan Bryers, partner at CT Investment Partners, the fund management advisory business that advises Carbon Trust Investments, said: ‘The waste industry in the UK is currently evolving from a logistics and landfill industry to one based on efficient resource management and energy generation. We believe New Earth is well positioned to capitalise on this exciting opportunity.’
New Earth has developed low-impact, fully enclosed facilities for the mechanical and biological treatment of waste, producing saleable, Environment Agency-approved composts, soil conditioners and products for recycling.
The company has three operational sites in Dorset, Kent and Gloucestershire and has secured planning consent for three additional locations. New Earth’s sites are underpinned by medium to long-term local authority waste treatment contracts.
Building on this existing landfill diversion operation, the company is now looking to use gasification and pyrolysis technologies to convert waste-derived fuel into electricity.
New Earth’s first energy recovery power plant is expected to commence trading in 2010.