Lincolnshire-company Eco Plastics has raised £24 million in funding that will enable it to expand its plastic recycling facility.
Ludgate Environmental Fund (LEF) will put in £5 million, as will a previously announced £5 million from Eco Plastics’ joint venture partner Coca Cola Enterprises. The remainder will come from Eco Plastics’ bank Close Brothers.
As a result of the deal, LEF chief investment officer Bill Weil will join the board of Eco Plastics as a director.
Eco Plastics chairman Peter Gangsted said: “We will recycle used British packaging in Lincolnshire, for re-use in packaging sold in Britain. This represents an important milestone for both the drinks manufacturing industry and the recycling industry.
“We are delighted that the markets have recognised the value of this model. The UK sustainable packaging market has huge growth potential and our expansion will make Eco Plastics a world leader.”