Fleetwood, United Kingdom-based Lancashire Waste Recycling has secured a £575,000 ($811,000) debt funding package. The company, which converts solid waste into solid renewable fuel (SRF) pellets, received the funds from Lancashire Rosebud Finance and NPIF-FW Capital Debt Finance, which is part of the Northern Powerhouse Fund.
The money will allow Lancashire Waste Recycling to build a new plant, expand its market and create 15 new jobs during the next three years, according to the company.
According to published reports, Lancashire Waste Recycling currently produces fuel in the form of shredded material that is used in cement kilns. With the investment, the company is expected to purchase biomass boilers and a plant designed to dry out the fuel and convert it into pellets.
Lancashire Waste Recycling, founded in 2010, has a sister company, Envirofuel, that was established in 2016. Combined, the two companies process more than 150,000 metric tons of waste materials per year.
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