The North West Fund for Energy & Environmental, a state-backed vehicle managed by London-based Carbon Trust advisor CT Investment Partners, has made a £550,000 investment in Merseyside, UK-based Ultromex.
Ultromex has developed market-leading processes for the recovery of high-value metals from electronic and industrial waste products.
The company, which was founded by Jonathan Quinn and Harry Middleton in 2011, aims to increase turnover to £10m by 2016.
The business works in partnership with global metal recycling and industrial businesses, helping them to recover high-value metals more efficiently while significantly lowering energy use and emissions.
The company is currently commercialising processes for the recovery of metals from printed circuit boards, and lead from leaded glass, with an 8,000 tonne per annum plant under construction in Ellesmere Port.
The North West Fund for Energy & Environmental is part of The North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank.
Ultromex, which is based in Birkenhead, said it will use the new funding to develop its processes for recycling of catalysts, industrial sludges and dross, and residual mine tailings.
“Working with The North West Fund for Energy and Environmental will enable us to develop our technologies even further,” Quinn said in a statement.
“Our products are focused on the specialised processes and refining segments of the market. They allow businesses to recover more metals at lower operating costs while, simultaneously increasing their energy efficiency and lowering their carbon emissions.”
Adam Workman, partner at CT Investment Partners and manager of The North West Fund for Energy & Environmental, added, “Metal recycling is a worldwide industry with more than 400 million tonnes of metals worth £200bn every year.
“Ultromex is a fantastic investment opportunity. The market for recycled metals has shown steady growth over the past 15 years and we expect this trend to continue further in the coming years.”
Workman will join the board of the company as a non-executive director with immediate effect.
CT Investment Partners also advises the Carbon Trust on its venture capital activities, and is one of the most experienced investors in this sector.
Copyright © 2013 AltAssets