Sterecycle's extra pounds 1m.(Business)

Solihull-based waste recycling firm Sterecycle has completed a fourth round of equity financing worth pounds 1 million.

The investment, by Impax Asset Managment, adds to pounds 7 million of equity injected into the firm by Goldman Sachs last month.
Chief executive and founder of Sterecycle, Duncan Grierson, said: "We are very pleased to welcome on board Impax who now have a pounds 1 million equity stake in the business alongside Goldman Sachs who invested last month. This additional investment from Europe's leading environmental investor is further validation of the Sterecycle technology solution and platform."
Nigel Taunt, director of investments at Impax, said: "We have been following Sterecycle for some time now and are excited to have the opportunity to invest in such a promising business.
"The market for waste recycling services is growing and the EU Landfill Directive places heavy demands on local authorities to seek clean technology solutions such as Sterecycle."
The company cleans household waste using a steam process called autoclave. This converts paper and organic waste into a Ijiomass' which can be used as compost or burnt to make electricity.
The company, which finances, builds, owns and operates its plants, hopes to provide services for local authorities.
Sterecycle announced last month that it planned to build up to five autoclave plants in the UK over the next three years.
It is already assembling its first UK plant, split between two sites in Cumbria, which it hopes to be operational by 2007.