Packaging recycling company Enval completes Series 'A' funding round


24-04-2009

Enval Limited, the environmental technology company, is pleased to announce the closing of its series ‘A’ funding round. The funding round was led by the East of England Co-Investment Fund (COIN) which is managed by IQ Capital Partners, and supported by Cambridge Enterprise Seed Funds, Cambridge Angels and Cambridge Capital Group.

The Enval process enables recycling of several different types of packaging. Its strength, however, resides in the recycling of packaging materials containing plastic/aluminium laminates often used in drinks cartons, toothpaste tubes and coffee pouches. The end result is ‘clean’ aluminium (more than 95% pure) ready for sale as well as gases and oils that have a number of uses including fuel and chemical feedstock.

The company’s unique proprietary technology is the first to allow complete recycling of laminate waste packaging in an environmentally and financially attractive way, avoiding the need for many thousands of tonnes of landfill. The Company has recently signed contracts with two blue chip companies to run recycling pilot programmes.

”Enval’s technology offers an easy, environmentally friendly and much needed solution for the yet unresolved problem of recycling aluminium-containing packaging. This funding round will enable Enval to accelerate deployment of its ground-breaking technology and enters an exciting phase of growth” said Larissa Brito, from COIN.

Enval’s patented technology uses microwave energy which can also be powered by the oils and gases generated by its recycling process, hence becoming completely self-sustained.

Dr. Nick Slaymaker, from Cambridge Enterprise Seed Funds, who has been supporting the company since its inception, said: “The green tech area in which Enval operates is increasingly important and high profile, but in fact research into Enval’s technology started in 1995. The company has a strong management team, enthusiastic shareholders and is revenue-producing. Enval has a commercial pilot-plant machine that is now doing real work. It has established excellent relationships with world-leading companies in its technology space”.

Carlos Ludlow stated, “We recognise the importance and established position of the use of plastic and aluminium laminated materials in packaging but equally believe that the current disposal methods being used for them are unsustainable. It’s clear to us that if the use of these packaging materials is to be continued then solutions are required to minimise their impact on the environment. Using our pilot plant we’ve already demonstrated that the Enval process offers a viable solution to this enormous worldwide problem and with this funding we are now able to accelerate its deployment ”.

Martin Lamb, Chairman of Enval and member of Cambridge Capital Group, commented “Enval’s technology represents a real breakthrough in waste management and enables the continuing use of a well-established and hitherto irreplaceable packaging system for many everyday consumer products. The ongoing support and commitment of our investors, including both Cambridge Capital Group and Cambridge Angels, will allow Enval to continue its exploitation of this exciting opportunity”.

Media Contact:
For more information please contact Dr. Ludlow at carlos.ludlow@enval.com

The East of England Co-Investment Fund (COIN)

The East of England Co-Investment fund is a £3.6m fund set up in 2004 with finance from the European Regional Development Fund and East of England Development Agency. The fund focuses on start-up investment opportunities and seeks to co-invest alongside private investors in order to bring skills and experience as well as finance. The fund is managed by IQ Capital Partners LLP (www.iqcapital.co.uk)

Contact:
Larissa Brito
IQ Capital Partners LLP
E.:larissa.brito@iqcapital.co.uk

Cambridge Enterprise Limited, University of Cambridge (www.enterprise.cam.ac.uk)

Cambridge Enterprise Seed Funds is part of Cambridge Enterprise Limited and provides funding for early stage businesses that have been founded by members of the University of Cambridge. Cambridge Enterprise Seed Funds comprises the University Challenge Fund, the University Venture Fund and the University of Cambridge Discovery Fund. The University Challenge Fund was established in 2000 as a result of a government initiative, with start up money from the University of Cambridge, the Wellcome Trust, the Gatsby Foundation and the Office of Science & Technology. The University Venture Fund was set up in 1995 with Funds solely from the University of Cambridge. The University of Cambridge Discovery Fund was launched in September 2008. All three funds are evergreen and use equity realisations to continue funding new businesses.

Cambridge Enterprise Limited is a wholly owned subsidiary of the University of Cambridge, responsible for the commercialisation of University intellectual property. Activities include management and licensing of intellectual property and patents, proof of concept funding and support for University staff and research groups wishing to provide expert advice or facilities to public and private sector organisations. Cambridge Enterprise provides access to angel and early stage capital through the Cambridge Enterprise Seed Funds and Cambridge Enterprise Venture Partners, and offers business planning, mentoring, specialist Surgeries and other related programmes. In 2007/08 income from licensing, consultancy and equity transactions exceeded £10 million, of which £8 million represents distributions to University departments and academics

For further information please contact:
Shirley Jamieson
Head of Marketing
Cambridge Enterprise Limited
Tel: 01223 760 339
email: shirley.jamieson@enterprise.cam.ac.uk

Cambridge Angels (www.cambridgeangels.net)

The Cambridge Angels is a group of high-net worth investors who have proven experience as successful entrepreneurs in technology and bio-technology. Members invest in and mentor high-quality technology and bio-technology companies mostly in the Cambridge (UK) area.

Cambridge Angels usually invest in technology and bio-technology start-up and early stage companies that have funding requirements in the range of £50,000 to £500,000. Members of Cambridge Angels have been responsible for a large number of the Cambridge phenomenon success stories over recent years. Therefore, in addition to a financial investment, the members of Cambridge Angels can offer companies the benefit of a wide range of expertise and experience in establishing and growing businesses successfully.

Cambridge Capital Group (www.cambridgecapitalgroup.co.uk)

Cambridge Capital Group offers development funding for early stage technology based companies, primarily in Cambridge, the pre-eminent technology cluster in the UK. We are a private equity syndicate of angel investors and have been active since 2000, although the founders have been successful private investors in technology start-ups for the last 10 years. In the late 1990’s the founders of Cambridge Capital Group backed Bookham Technology and nCipher in early funding rounds, both of which floated very successfully on the London Stock Exchange in 2000.

Membership of Cambridge Capital Group is by invitation, and there is a top limit of 40 active members. The group now has a full membership; new applicants must be recommended by members. The group makes several investments each year. CCG is sponsored by Merrill Lynch Private Client Group, Taylor Vinters and Grant Thornton.

 

Cambridge Enterprise exists to help University of Cambridge inventors, innovators and entrepreneurs make their ideas and concepts more commercially successful for the benefit of society, the UK economy, the inventors and the University.

Cambridge Enterprise, University of Cambridge