January 30, 2013
Recycling Technologies Ltd., formed in England out of a process developed at the University of Warwick to transform mixed plastic waste into heat and energy, has completed an equity finance deal with the Wroxall Investors Group, an angel investor in Midlands.
The university spun off Recycling Technologies in 2011.
Martin Lusby, one of the investors, will become chairman of the board.
Terms of the deal were not disclosed.
Adrian Griffiths, Recycling Technologies' managing director, said: "We are really pleased with this deal. It not only secures the funding we need at this stage of our growth, but simultaneously has expanded the experience that we can draw on as we develop the business."
Lusby said the first machine will go into production in 2014. The WarwickFBR is a fluidized bed reactor.
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