Friday, 24 June 2016
Last updated 7 hours ago
Dec 14 2009 | 2:44pm ET
The Carbon Trust, an independent company established by the UK government, has invested GBP 4 million ($6.5 million) in the Dorset-based waste treatment and renewable energy specialist New Earth Solutions.
The money comes from a GBP 18 million ($29.3 million) fund established by the UK Department of Energy and Climate Change (DECC) to speed Britain’s transformation to a low-carbon economy. The Carbon Trust makes investment decisions for the fund, and New Earth is the fund’s first beneficiary.
New Earth raised GBP 5 million ($8.1 million) from the cleantech investment company Ludgate Environmental Fund Limited in September and hopes to raise a total of GBP 15 million ($24 million) in this current round of funding.
New Earth is looking to use gasification and pyrolysis (chemical change brought about by the action of heat) technologies to convert waste-derived fuel into electricity. The company’s first energy recovery power plant is expected to begin trading in 2010.