A Newcastle recycling firm is creating jobs in the region after securing £2m of investment.
Impact Recycling has received the funding from private investment firm IW Capital, which specialises in alternative finance.
The investment will be used to create jobs at the company, as well as improve its shift patterns, as well as fund licence opportunities.
Impact Recycling has developed a new method of recycling plastic, which works by separating the components of mixed plastic waste into two streams of plastic; polyethylene (PE) and polypropylene (PP).
The water-based process is known as BOSS (Baffled Oscillation Separation System) and separates the plastics while achieving a purity rate of more than 95%.
It can be used to significantly reduce the amount of plastic that ends up in landfill sites.
David Walsh, Impact Recycling’s CEO, said: “This investment from IWC will allow us to accelerate the growth of our breakthrough BOSS technology, significantly increasing the amount of plastic recycled in the UK and paving the way to a circular plastic economy.”
IW Capital structured the investment on behalf of its investors and will continue to manage it going forward. The deal was made as part of IW Capital’s plan to support growing and emerging businesses across the UK with the funding needed to deliver their business plans.
Luke Davis, IW Capital chief executive, said: “We are all really excited to be providing this investment for Impact Recycling, both in terms of the inventive service they provide and the exit opportunity that the business presents.
“In recent years there has been an increasing appetite within investors to support ethical and forward-facing businesses while retaining the same rates of return on their capital. This type of opportunity offers both, through an innovative and scalable solution to one of the biggest problems facing the world today.
“We have seen tremendous demand for SME investment opportunities in the last 18 months and this is no exception.”
