Iona Capital has successfully completed investment in Gradena that will lead to tyres and UPVC being recycled into wood replacement products.
Gradena is a joint venture between waste sector consultant Gradsol and nanotechnology firm Dena Technology.
As a result of the investment, a demonstration plant in Barnsley will be scaled up to full commercial size.
Gradena is planning to process around 1,2000 tonnes of waste tyres in year one and increase this number by installing more production lines over time. It uses a patented process, called nano surfance intensification, that turns waste tyres and UPVC into the wood replacement product that can be cut and shaped to meet customer needs.
Iona Capital director Nick Ross said: “Iona is fully committed to providing funding for the development of environmental projects which help to achieve the zero waste to landfill target. This project is an excellent example of supporting leading edge technology and producing value added products which overcome the growing issue of waste tyres.”
Gradsol finance director Robert Paley added: “This project achieves not only strong financial performance but also delivers significant environmental benefits. The main selling point of the end products is that they are much more durable than their traditional counterparts and they provide considerable additional commercial benefits.
“The efficient use of recycled tyres and UPVC not only reduces waste volumes, but these wastes can be used to produce recyclable, new products. We even expect to have off-cuts and end-of-life recovery programmes so that nothing is wasted.”