TEG hails ‘milestone year’

LANCASHIRE-based green energy pioneer TEG, which has devised  anaerobic digestion technology to produce power from food waste, has reported encouraging annual results on the back of a strong second half.

The Preston-based group saw revenues in 2012 leap from £17.8m to £22.4m and reduced losses from £7.6m to just over £1m.

The company, which uis building a processing plant in Bolton for the Greater Manchester Waste PFI project, said it had continued to make progress into the new financial year and had recently won a six-year contract for organic waster management.

Among the highlights of the last 12 months was reaching financial close on a new £16m processing plant in Dagenham, east London.

Chairman Rory Maw said: “The financial close of the Dagenham project was a significant milestone for the group and market demand for more capacity remains strong.  Furthermore, the company’s move into the renewable energy sector is proceeding very well.”    

“The excellent performance of the group’s own plant operations and the continued growth in this segment demonstrate that if TEG can secure the appropriate level of capital funding it will develop a secure and successful operating platform.”