New Earth Solutions Ltd., a UK-based operator of waste facilities, has raised Gbp4 million from Impax Asset Management.
Impax Asset Management Ltd (“Impax”) has announced it has invested Gbp4 million into New Earth Solutions Ltd (“New Earth”). This investment will support New Earth's roll out of waste facilities across the
Impax has made the investment on behalf of two of its funds, Impax Environmental Markets Plc, the only “pure-play” environmental investment trust in the FTSE All Share index, and Impax Environmental Markets (
New Earth, a biological waste treatment and resource recovery company, was established to help local authorities meet their obligations to divert waste from landfill under the EU landfill directive. Local authorities now face limitations on the amount of biodegradable waste which can be disposed of to landfill and penalty fines for every tonne in excess of that agreed limit will be strictly imposed.
New Earth has a 50,000 tonne per annum (tpa) waste facility operating in Canford, Dorset, supported by waste management contracts with Bournemouth Borough Council and Bristol City Council. Additionally, a new facility is under construction in
Jonathan Fogg, Investment Manager at Impax said: “New Earth's technology is proven, effective and efficient. The company has a significant track record in delivering services to existing clients and a range of innovative, competitive and flexible packages for local authority clients looking for viable solutions in waste treatment and recycling technology”.
“As a result of waste management legislation, private equity interest within the waste and recycling industry is flourishing. We believe our partnership with New Earth will help create significantly increased shareholder value”.
Peter Gillatt, Managing Director of New Earth said: “We welcome this investment from Impax. This capital will help us to meet our core objective to develop six further operational facilities for local authority clients in the run up to 2009. The pre-IPO equity injection also helps to lay the foundation for a flotation on AIM before the end of 2009”.
Impax was founded in 1994 as a specialist finance house focusing on the markets for cleaner or more efficient delivery of basic services of energy, water and waste. These markets are expanding rapidly, as business and political leaders encourage the development of cleaner products and services in response to the increasing pressures placed on the environment.
Impax's dedicated team of professionals, with many years of experience in the financial and environmental sectors, is ideally placed to understand and take advantage of the investment opportunities arising from the fast growing environmental markets. Impax Asset Management manages over