Slick deal for oil specialist

A FAMILY business which helps improve environmental standards for oil refineries and power producers will double its workforce after securing a £500,000 equity boost.

Brigg-based GSA Environmental is a global specialist in the extraction of transition metals such as vanadium, molybdenum and nickel from oil refinery residues and power station ashes. These metals can be toxic and pose a threat to the environment.

 

GSA Environmental has been in operation for 13 years. It generates a turnover of £2m and employs 10 people.

Michael Grimley, managing director of GSA Environmental, said: “Waste catalysts and the residue from power stations and oil refineries must be handled carefully. Disposing of them can pose a number of environmental challenges and can be cost prohibitive. At GSA Environmental, we find ways to recover valuable metals such as nickel and vanadium so that they can be recycled and re-used.

“We conduct significant levels of engineering design and research work that assists clients to find a better way of working with these materials.  In most cases, the refiner/power producer can realise a commercial benefit as well as the obvious environmental improvements.”

Finance Yorkshire has supported GSA Environmental’s growth plans with the investment from its equity fund. It will enable GSA Environmental to invest in its UK-based team of engineers and plan the building of a commercial scale metal recovery plant.
 
Mr Grimley said: “The support from Finance Yorkshire will be invaluable as we move to the next stage of our growth. We will add another 10 permanent staff over the next three to four years.

“We also plan to design and build a new metal recovery plant in the UK. That will require significant effort to obtain project finance. The investment from Finance Yorkshire enables us to build a solid financial and environmental case for it.”

GSA Environmental has also completed an engineering assessment to build a commercial scale plant in Saudi Arabia.

Alex McWhirter, chief executive of Finance Yorkshire, said: “GSA Environmental has a great deal of experience in working with clients where innovative solutions can be developed to address environmental issues and helping customers to improve their environmental performance and productivity. I’m delighted that our investment will lead to the employment of more people within this region.”

Finance Yorkshire was advised by Ben Procter at Walker Morris in Leeds.

GSA Environmental was advised by Paul Plaxton at Gosschalks in Hull. David Livesley, who conducted the technical due diligence for Finance Yorkshire, becomes a non-executive director of GSA Environmental.

 

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