Waste management innovator Impact Recycling has received further investment from IW Capital to complete a new site in Glasgow, and "accelerate growth".
The Wallsend-based business first gained IW's backing in 2019 when the private equity house injected £2m to support Impact's new methods of plastic recycling. The BOSS (baffled oscillation separation system) technology is a water-based, density separation process that can sort plastics, diverting significant quantities of polyethylene and polypropylene from landfill and incineration.
Instead, Impact can transform those plastics into a reusable form which is sold to manufacturers as a resin for reuse in goods and packaging. IW Capital’s initial 2019 investment into Impact Recycling was targeted at developing the BOSS technology and developing two sites in Newcastle, which are now operational.
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Impact has also received grant funding for the development and completion of its new Glasgow site. Once completed, the Bellshill operation is expected to create new jobs.
David Walsh, CEO of Impact Recycling, said: “In the time we have been working with IW Capital since 2019 we have come to know them as a trusted, reliable investor that have enabled us to expand our business and continue with our innovations in the plastic recycling sector. We look forward with confidence to a lasting relationship.”
Luke Davis, CEO and founder of IW Capital, added: “Having been on board with Impact Recycling since 2019, it has been fantastic to watch their growth over the past three years - now boasting three sites across the UK. Given their recent success, we’re delighted to announce that we’ve invested a further £2m, which will contribute to the development of the new landmark site in Bellshill.
“With green technology and protecting the environment becoming some of the most important focuses for economies all over the world, we see real potential to help Impact Recycling grow and deliver much-needed services in the UK and potentially even further afield. We share their vision in terms of revolutionising the way we recycle and are very happy to be able to help on this exciting and rewarding journey.”
IW has now invested more than £120m in UK SMEs. The investors say that in 2020 alone, revenue from the recycling and waste management industry totalled £21.2bn – illustrating the high-value potential in the sector.
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