Metal recycler secures £550,000
MERSEYSIDE-based Ultromex has secured £550,000 funding from The North West Fund.
The Birkenhead business, which has developed methods of recovering valuable metals from electronic and industrial waste, has sold a minority stake to the fund’s energy and environmental arm, managed by CT Investment Partners.
It can already recover metals from printed circuit boards and lead from leaded glass, but wants to use the funding to develop processes for recycling catalysts, industrial sludges and dross – solid material floating in molten metal – and residual mine tailings.
The business, founded by Jonathan Quinn and Harry Middleton in 2011, is aiming to increase turnover to £10m by 2016. It has a plant under construction in Ellesmere Port that will be capable of handling 8,000 tonnes a year.
Mr Quinn said: “Our products are focused on the specialised processes and refining segments of the market. They allow businesses to recover more metals at lower operating costs while, simultaneously increasing their energy efficiency and lowering their carbon emissions.”
Adam Workman, partner at CT Investment Partners, said: “Metal recycling is a worldwide industry with more than 400 million tonnes of metals worth £200bn every year.
“Ultromex is a fantastic investment opportunity. The market for recycled metals has shown steady growth over the past 15 years and we expect this trend to continue further in the coming years.”
The £155 North West Fund is backed by the European Regional Development Fund and the European Investment Bank.