Waste energy company Sterecyle raises £10m, appoints new CEO

1 February 2010

UK-based waste to energy company Sterecycle has raised a further £10m in a new round of financing taking its total equity funding to £34m.

In 2005, Sterecyle, founded by Duncan Grierson, received second round funding from Goldman Sachs, Fidelity International, Impax Environmental and Ailsa3 Ventures. The company has also appointed Tom Shields as CEO. Shields was formerly managing director at KemFine UK, a specialty chemicals business.

‘The UK waste sector is becoming a sophisticated process engineering industry, akin to the chemicals sector which is also highly regulated and with heavy capital investment requirements, so Tom’s experience is ideally suited to helping us manage the company’s growth,’ said Grierson.

Shields will be responsible for overseeing the company’s expansion plans. Sterecycle will invest part of the funds to expand the capacity of its Yorkshire plant. By late 2010 capacity is expected to double from 100,000 to 200,000 tonnes per annum, taking waste from the three local authorities of Barnsley, Doncaster and Rotherham, along with commercial waste.

In July 2009 the company secured planning for its second facility, in Cardiff, Wales, which is expected to be operational in summer 2011. Also in 2009 the company secured land in South London for its third facility which, subject to planning and financing, is expected to be operational in 2012.

Sterecyle uses a process called autoclaving to turn waste into a fibre and avoids incineration. The company has benefitted substantially from a rise the government’s Landfill Tax, expected to rise to £72 per tonne.

Copyright © 2010 NewNet

Tags: waste-to-energy

This story was published on Monday, February 1st, 2010 at 12:58 pm and is filed under Europe, biomass/biofuel, deals. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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