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Green investment recycled into jobs for South Yorkshire

posted 21 Dec 2011, 03:01 by RiDO Rotherham   [ updated 21 Dec 2011, 03:03 ]
A waste management business focused on processing and recycling black bag household and trade waste has received a £1.25 million investment from the Finance Yorkshire Equity Fund.

Sterecycle, based on Sheffield Road, Rotherham, has secured the finance as part of a total funding package of £5.1 million.

The finance will enable the company to expand its waste processing capacity at the South Yorkshire plant from 100 kilotonnes per annum (ktpa) to 175 ktpa, and create a further 17 full time jobs.

Sterecycle will use the Rotherham site as a blueprint for a future roll out of waste processing sites around the country.

Using its patented autoclave technology, Sterecycle uses pressurised steam and heat to process black bag waste, which would normally go to landfill. It currently recovers 65 percent of the waste in the form of recyclables and a biomass rich, soil like substance called ‘Sterefibre’.

Sterefibre is approved as a soil improver for non-agricultural applications and is being used to grow biofuel crops. It can also be used to generate clean power in biomass-fuelled CHP (combined heat and power) plants and for biogas production in anaerobic digestion plants

Sterecycle has been in operation in Rotherham since June 2008 and has proven the technology on a commercial scale.

Tom Shields, CEO of Sterecycle, said: “Our technology is quick to approve, fast to build, has low capital costs and has a small carbon footprint.  We plan to roll out plants at a series of sites across the UK.

“The investment from the Finance Yorkshire Equity Fund will go towards the purchase and installation of new autoclave equipment which has been manufactured locally in Sheffield by Mayflower Engineering and the further expansion of the Rotherham plant.

“It will also provide added capacity for the commercial and industrial waste producers in the Yorkshire region, enabling more of the region’s waste to be recycled and reused instead of going to landfill.”

Ash Chopra, who led the investment on behalf of the Finance Yorkshire Equity Fund, said: “The desire to find alternatives to simply sending waste to landfill is high on the political and environmental agendas. Land-filling waste is not a viable long-term option with regulatory driven penalties pushing the cost of landfill up. The technology in use at the company provides a viable “greener” alternative to landfill.

“We are delighted with this investment as a further 17 full time jobs will be created and the company has raised an additional £3.85 million as other investors followed our lead.”

Advising the Finance Yorkshire Equity Fund on the deal were Debbie Jackson and Joy Irving from Walker Morris, Leeds.

Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.

The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.

For more information about Finance Yorkshire, please visit www.finance-yorkshire.com  or ring 0845 649 0000.

For more information on Sterecycle please visit www.sterecycle.com or call 0207 361 1820.

Source: Rothbiz