Impact Recycling has developed technology that enables previously difficult or impossible types of plastics to be recycled.
Private equity house IW Capital has made a £2.65m second round investment in the business, having initially backed the green-tech innovator with £2m in 2019.
The latest injection of capital is aimed at accelerating growth and finishing a new operational site in Bellshill, North Lanarkshire, some ten miles from Glasgow city centre.
In addition to the total investment of £4.65m from IW Capital, Impact Recycling has received significant grant funding, targeted at the development and completion of the Scottish site. Once completed, the Bellshill hub is expected to bring a number of jobs to the area, while helping to drive the company’s impressive pace of growth.
David Walsh, chief executive 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, chief executive and founder of IW Capital, said: “Having been onboard 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.”
He added: “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 Capital’s initial 2019 investment into Impact Recycling was targeted at developing the technology and developing two sites in Newcastle, which are now in operation.