HIGH-TECH ENERGY FROM WASTE PLANT SECURES EQUITY FUNDING

28 March 2008

This document is also available as a pdf please click here to download

BCB Environmental Management Ltd (“BCB”) announces today, March 28, that its parent company, AWP Environmental Ltd (“AWP”) has secured £6m of equity funding from Foresight Group, a leading investor in unquoted companies, for its proposed £18m energy from waste (EfW) plant at Tockwith, North Yorkshire

Planning permission is currently being sought for the plant, which will be constructed alongside BCB’s existing premises at Marston Business Park, between Wetherby and York. Once planning consent has been granted, further funding of £12m will be provided by a major bank in the form of long-term senior debt. In the meantime, Foresight’s investment will allow BCB to progress the detailed design of the proposed plant and the finalisation of a range of contracts, including those for waste supply and grid connection.

The Chairman of AWP, Robert Goddard, said: “This substantial funding from a firm that specialises in investing in environmental projects is a strong endorsement of our plans for an environmentally-friendly EfW plant.

“The project is very much in line with both national and European policies relating to CO2 reduction through the generation of renewable energy as well as the diversion of waste from landfill.
“The Foresight investment enables us to move forward from a position of strength as we finalise our preparations for the project.”

Matt Taylor, Partner, Foresight Group said: “AWP is already a leader in the collection and effective disposal of hazardous waste, operating to the highest environmental standards. Its choice of an advanced gasification technology will maintain these high standards and builds on successful use of the technology in other countries. Foresight has made the investment with a view to a further roll-out of the concept to other sites around the UK as the waste disposal market continues its transformation.”

For further information, please contact:
Matt Taylor, Foresight Group
Tel: 01732 471800
Email: mtaylor@foresightgroup.eu

Simon Mountford, Simon Mountford Communications
Tel: 07836 279685
Email: simon@simon-mountford.co.uk

*** ENDS ***

NOTES TO EDITORS

BCB Environmental Management (“BCB”) is an established company operating a fully-compliant hazardous waste transfer station at Marston Business Park, North Yorkshire. Wholly-owned by AWP Environmental (“AWP”), it specialises in the collection and disposal of various kinds of hazardous waste and is the only company of its kind in the region that operates under an Integrated Pollution Prevention and Control (IPPC) permit, the highest-level of certification. This means that emissions are below guidelines set by the European Union.

Foresight Group is a leading investor in unquoted companies with a focus on environmental infrastructure, cleantech and technology-led businesses. With approximately £160 million under management, the company is also the manager of the UK’s best-performing venture capital trust.

Energy from Waste Plant. When fully developed, BCB’s proposed energy from waste (“EfW”) plant will process up to 60,000 tonnes a year of waste and generate up to 9MW of electrical power, most of which will be uploaded to the National Grid, but some may be made available locally.

The development of the plant will provide an important element of the Government’s commitment to reduce disposal to landfill. Most of the waste is expected to be collected from within a 15-mile radius of the plant, which will provide increased employment opportunities for local residents.