UK-based energy from waste firm Waste2Tricity has raised £1 million through an investment offering.
According to Waste2Tricity, the offer was oversubscribed with international investors keen to put funds into the company.
The funding will be used to give the company working capital for its current construction and expansion plans, as it seeks to roll out use of AFC Energy’s fuel cell technology.
Waste2Tricity chairman Peter Jones said: “We are delighted to announce the completion of our successful fundraising which has been strongly supported by both existing and new investors and clearly indicates strong investor confidence.
“The combination of Alter NRG’s plasma gasification and AFC Energy is clearly creating a viral technology with this investment recognising the value of Waste2Tricity’s waste management proposition, which is meeting an ever-more pressing need in European and Asian energy markets.”
The company is currently working on developing its first plant at Bilsthorpe Energy Centre in Nottinghamshire.
Earlier this year, the firm also established Waste2Tricity International (Thailand) and is now working in partnership with a number of Thai companies, government departments and waste companies to develop a pipeline of energy from waste projects.