The raise will help upgrade equipment and employ additional staff for the next level of growth.
Private investment and alternative finance specialist IW Capital announces a £2 million investment for Impact Recycling Limited. The investment will be used as development capital to drive growth by upgrading existing equipment in Newcastle, increasing the level of shift patterns, employing additional staff resource and funding the initial licence opportunities.
Impact Recycling Limited has developed a breakthrough plastic recycling technology which separates the components of post-consumer, mixed plastic waste to recover two consistent streams of plastic; polyethylene (PE) and polypropylene (PP), each with over 95% purity. The water based, density separation process is known as BOSS (Baffled Oscillation Separation System). BOSS significantly improves the economics of plastic recycling and is a driver to divert significant quantities of PE and PP away from landfill and incineration.
As the demand for recycled plastic increases Impact are well placed to deliver high purity levels of plastic. The mixed plastic Impact use as feedstock, accounts for 70% of plastics produced, and makes up 60% of the plastic currently sent to landfill or incineration in the EU. The Impact ‘BOSS’ technology enables cost effective recycling to develop and flourish and make a significant difference to the volumes of plastic waste sent to landfill or incineration.
IW Capital structured the investment on behalf of its investors and will be managing it on their behalf. This new investment is consistent with IW Capital’s strategy of supporting growing and emerging businesses across the UK with the capital they require to deliver their business plans.
Luke Davis, IW Capital chief executive, said: “We are all really excited to be providing this investment for Impact Recycling, both in terms of the inventive service they provide and the exit opportunity that the business presents. In recent years there has been an increasing appetite within investors to support ethical and forward-facing businesses while retaining the same rates of return on their capital. This type of opportunity offers both, through an innovative and scalable solution to one of the biggest problems facing the world today. We have seen tremendous demand for SME investment opportunities in the last 18 months and this is no exception.”
CEO of Impact Recycling – David Walsh – has commented on the investment and what it means for the growth of the company: “This investment from IWC will allow us to accelerate the growth of our breakthrough BOSS technology, significantly increasing the amount of plastic recycled in the UK and paving the way to a circular plastic economy.”