Recycling TechnologiesUsing an advanced Fluidised Bed Reactor, called the WarwickFBR, Mixed Plastic Waste (MPW) can be either be turned into heat or power.
University of Warwick spin out company, Recycling Technologies, has completed an equity financing deal with the Wroxall Investors Group (WIG), a Midlands-based business angel syndicate.
Recycling Technologies was formed to commercialise a process developed at the University of Warwick that can transform Mixed Plastic Waste [MPW] into heat and electricity using an advanced Fluidised Bed Reactor, called the WarwickFBR.
Adrian Griffiths, Managing Director at Recycling Technologies, commented: “We are really pleased with this deal. It not only secures the funding we need at this stage in our growth but simultaneously has expanded the experience that we can draw on as we develop the business.”
Martin Lusby, one of the investors, will be taking a position within the company as Chairman of the Board to fully support the business as it develops.
“Recycling Technologies is at an exciting stage in its development,” said Martin. “The concept of a machine that can be installed into existing recycling facilities to turn what most people still regard as waste plastic into electricity and heat in a CHP plant (Combined Heat and Power) is timely given the increasing costs of landfill and energy prices. With the first machine is due to go into production in 2014 the WIG investment will allow the team and company infrastructure to be expanded at the Swindon base to ensure this commercial opportunity is fully exploited.”