Investment company Ludgate Environmental Fund (LEF) has announced its participation in a funding round into plastic bottle recycler PlasticsECO to finance continued expansion over 2013.
According to LEF, ECO Plastics is raising a total of £6m from existing shareholders, including the company and SAM Private Equity for short-term added-value expansion opportunities.
ECO Plastics site has the capability to process 150,000t of mixed plastics annually, including some 40,000t of bottle-grade rPET pellet.
The funds were used to finance ECO Plastics' Continuum joint venture with Coca-Cola Enterprises, an agreement which doubled the UK's rPET production. LEF has invested about £5.9m into ECO Plastics, till date.
ECO Plastics managing director Jonathan Short said the company has made progress over the last three years and the latest investment enables it to continue to develop its facilities and take advantage of any other expansion opportunities that come up.
"ECO Plastics is now ready to tackle another period of rapid growth," Short said.
