Dorset-based New Earth hope the 25 million finance package from NORD/LB will enable the company to build 10 to 15 in-vessel composting plants in the next five years and speed up its delivery on Local Authority contracts.
” We envisage lots of facility activity in the next five years and build our business up to double figures with 10 to 15 50,000-tonne facilities. “
– Peter Mills, New Earth Solutions
The company hopes to conclude the deal with NORD/LB in the next 10 weeks
Peter Mills from New Earth Solutions said: “We are very excited – we envisage the investment to be significant for New Earth. If the money is awarded we will be able to undergo some major developments to our infrastructure and aid recycling and landfill diversion targets.”
The investment also means New Earth will be able to deliver on some of their newer contracts in Bournemouth (see letsrecycle story) and Kent county council (see letsrecycle.com story).
Activity
Mr. Mills also revealed New Earth was looking for contracts with Essex and Bristol county council – both of which currently work with New Earth through interim contracts.
“We envisage lots of facility activity in the next five years and build our business up to double figures with 10 to 15 50,000-tonne facilities.”
According to Mathias Pahlke, head of waste and environmental services at NORD/LB in London, “New Earth‘s non-thermal biological treatment technology marks an exciting new phase in waste management services, and combined with a robust business model, is significant in its’ potential to deliver a long term solution to current challenges”.
New Earth managing director, Bill Riddle: “This new partnership with a European bank means that we are now well on our way to building up a network of New Earth facilities, and within very real reach of our goal to recycle up to 2,500,000 tonnes of municipal waste per annum by 2013.”
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