Private investment consultancy firm IW Capital has invested £2m in plastics manufacturers Impact Recycling, a subsidiary of BP Chemicals.
According to Impact Recycling, the investment will be used to upgrade existing equipment at the company’s headquarters in Newcastle, increase the level of shift patterns, employ additional staff and fund the initial licence opportunities.
Part of the Impact Recycling system in Newcastle (Picture: Impact Recycling)
Luke Davis, IW Capital chief executive, said: “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.”
Impact Recycling has also received funding from Zero Waste Scotland as its technology is set to feature as part of ‘Project Beacon’. This will see the three companies work together to “chemically recycle” plastics to make new material or other chemical products at the development site on the Binn Ecopark, nine miles south east of Perth.
Technology
Impact Recycling was formed by plastic manufacturers Impact Solutions as the company moved towards “promoting a circular economy”.
Impact Solutions uses mixed plastics as feedstock for a “separation technology” it has developed. Known as Baffled Oscillation Separation System (BOSS), the process is an attempt to recycle mixed polyolefins.
Components of post-consumer mixed plastic waste are separated to recover two consistent streams of plastic – polyethylene and polypropylene – each with over 95 per cent purity, according to Impact Recycling.
The company said that once it goes through the process, the plastic can be used in paint pots and cars, while other outlets for its recycled plastic include drainage pipes.
David Walsh, CEO of Impact Recycling, said: “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.”
Below is a video from Zero Waste Scotland looking at the machinery and how it works.
Investment
IW Capital structured the investment on behalf of its investors and will be managing it on their behalf.
The company focuses on originating, structuring, managing and leading tax-efficient investment and senior debt opportunities for high net-worth individuals, family offices, wealth managers and independent financial advisors.
The investment fits into their plans to invest in growing and emerging businesses, the company says.
Mr Davis said: “We have seen tremendous demand for SME investment opportunities in the last 18 months and this is no exception.”
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Source: letsrecycle.com Plastic
