06 Mar 2006
ICON has secured £2.5m of expansion capital for Inetec that will allow it (in conjunction with its industrial partners) to deliver first industrial scale deployments of its end-to-end waste-to-renewable-energy technology solutions.
Inetec uses its proprietary technology to convert industrial food waste into a stable biofuel. This biofuel can then be converted into gas and combusted in a combined heat and power plant to produce heat for industry and renewable electricity for the grid.
Inetec patented technology is the only commercially available solution able to treat all types of food waste without the need for pre-treatment, packaging removal or adjustment of the machine and represents a cost effective and environmentally responsible solution to what is becoming an ever increasing problem.
Inetec has already made significant inroads into the £240m UK food manufacturing industry attracting a number of high profile food manufacturers as early customers.
"Our previous experience of using advisers to help with fundraising had produced mixed results and we often struggled to see the added-value that they could bring to the process. However, having been recommended to meet with ICON by our Chairman, we were immediately impressed their appreciation for our business, their understanding of the funding market as well as knowledge of the key institutions and individuals that we should speak to. ICON worked with us to develop our corporate finance strategy and played an instrumental part in liaising between management, incumbent investors and prospective new investors to help us close a new round of funding in under 3 months from start to finish. I would definitely recommend ICON."
Mike Deacon, Finance Director, Inetec