Iona Capital funds recycled plastics manufacturer
Iona Capital, the environmentally focussed investor, has announced today that it has completed an investment in R3 products Ltd. The company manufactures recycled products principally for use in the engineering and construction markets. The use of recycled materials such as plastics diverts waste away from landfill.
R3 Products use three proven moulding techniques to manufacture substitutes for concrete and plywood, using unwanted mixed waste plastic as the raw material. Significant commercial benefits can be offered to customers through demonstrable installation and whole-life cost savings, whilst providing additional environmental benefits such as fewer plastics sent to landfill, lower CO2 emissions and full recyclability at the end of the product’s life, thus providing a more sustainable alternative to landfill and incinerated waste.
R3 Products Ltd was launched 12 months ago in Sheffield and was the largest start-up manufacturing company in the UK in 2011. The company commenced operations in March 2012, with the manufacture of two patented products - R-Pave, a SUDS compliant permeable paving system, and Ezikerb®, a revolutionary two - part kerb, which has received a lot of attention from the building and construction industry. The company has invested in a number of proven polymer processing technologies and demonstrated its key competitive advantage - technical knowledge and experience, to process mixed plastics waste. R3 Products plan to use 5,000 tonnes of mixed waste plastic during the next 12 months and expects to double this volume in the following year.
Mike Dunn, Director of Iona Capital, has said: "We are pleased to be able to support this innovative process and work alongside a highly committed and experienced management team. This investment is one of a series we are making in the waste renewable sector that is aligned with Government Environmental Policy drivers".
Reviewing the benefits of their innovative technology, Kevin Parkin, non-executive Chairman of R3, said: "R3 can call upon three moulding processes, unlike other recycled waste manufacturers, which gives us a great flexibility in selecting the best fit technique for the specified product. We ensure that we choose the most cost and technically efficient process for each product, thus developing a solution which matches our customers’ requirements perfectly."
You can also read the story on Plastics & Rubber Weekley