New Earth gets £4m from Carbon
Trust
New Earth Solutions Group, a waste-treatment
specialist headquartered in Dorset, has received a £4m investment
from the Carbon Trust to support its move into energy recovery from
waste.
The funding comes from Carbon Trust
Investments and is part of an £18m fund provided by the Department
of Energy and Climate Change to speed Britain's move towards a
low-carbon economy. It will enable New Earth to build on its
existing landfill diversion operations and look to develop
gasification and pyrolysis technologies to convert waste-derived
fuel into electricity.
New Earth's first energy-recovery power plant
is expected to start trading in 2010. New Earth is looking to raise
£15m in total to fund its plans; the latest injection takes it to
£9m, following a £5m investment in September by cleantech
investment company Ludgate Environmental Fund. Last month, New
Earth Solutions reached an agreement with developer St Modwen to
build a waste treatment and recycling facility on an 11-acre site
at Avonmouth.