An autoclave facility that was shut down in 2012 is set to reopen following new investment.
The Graphite Resources facility in Gatehead was forced to close in response to ongoing difficulties in financing the facility after the financial crisis.
But Humberside holding company Catfoss has purchased the plant and expects to open it in October.
Leeds-based Access Commercial Finance has provided a £2.2 million funding package, that will be provided in phases. This will refinance the facility and provide additional material to complete the process.
Graphite Resources financial director Nick King said: “There is a massive amount of specialist equipment needed to facilitate the process and the plant, so consequently it requires a huge sum of asset finance and Access seem to have the specialist knowledge to understand this.”
The autoclave facility will sterilise residual waste enabling it to be used as either a building material or a biofuel, and therefore avoiding landfill.
