Thursday, December 10, 2009
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Created by: Tornado Staff
New Earth pulls in fresh funds for waste-to-energy conversion
New Earth Solutions, a UK waste treatment and renewable energy company, has completed a second closing of its ongoing €16.5 million equity funding round. The business received a total of €4.4 million from Carbon Trust Investments. The round was announced in August 2009 and saw a first closing of €5.3 million in September funded by Ludgate Environmental Fund. Earlier rounds of funding by New Earth included a €5.4 million investment in February 2008, and €4.5 million one year later. Impax Group funded both deals.
New Earth has developed a range of processes for the treatment of commercial and municipal wastes. The company boasts design, build, finance and operate capabilities, and can handle both segregated and unsegregated municipal solid waste. The design of its process includes many aspects of technology developed in Austria, and is combined with a process specifically designed to meet the requirements of the UK regulatory framework.
New Earth has developed fully-enclosed facilities for both mechanical and biological waste treatment. These target significant resource recovery, producing composts, soil conditioners and products for recycling. The company currently has three operational sites and has secured planning consent for three additional locations. In fact, only two days ago New Earth announced the financial close on two projects with approximately €20 million of investment, including about €15 million of senior debt provided by Norddeutsche Landesbank.
Building on its landfill diversion operation New Earth is now looking to use gasification and pyrolysis technologies to convert waste-derived fuel into electricity. The company expects its first energy recovery power plant to start operations in 2010.
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