A business which facilitates the recovery of high-value metals from electronic and industrial waste products has received the backing of The North West Fund for Energy & Environmental.
CT Investment Partners has backed recycling company Ultromex with a £550,000 investment through The North West Fund for Energy & Environmental, which it manages on behalf of The North West Fund.
Ultromex, which was founded in 2011 by Harry Middleton and Jonathan Quinn, has developed a process for the recovery of high-value metals from waste products.
It works in conjunction with metal recycling and industrial businesses to recover metals more efficiently and cleanly. According to the business, it aims to increase turnover to £10 million by 2016.
As fund manager for The North West Fund, CT Investment Partners is responsible for sourcing investment opportunities, closing transactions and negotiating exits. The Energy & Environmental Fund backs businesses which are based in, or relocating to, the North West of England and is worth £20 million.
Ultromex’s new capital will be used to develop its processes for recycling of catalysts, industrial sludges and dross and residual mine tailings.
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Quinn, founder and chief executive of Ultromex, says that joining forces with the Fund will allow the business to develop its technologies even further.
He adds, ‘Our products are focused on the specialised processes and refining segments of the market.
‘They allow businesses to recover more metals at lower operating costs, while simultaneously increasing their energy efficiency and lowering their carbon emissions.’
With CT Investment Partners leading the deal, partner Adam Workman will join the company as a non-executive director.
‘Ultromex is a fantastic investment opportunity,’ Workman says. ‘The market for recycled metals has shown steady growth over the past 15 years and we expect this trend to continue further in the coming years.’
The North West Fund is financed by the European Regional Development Fund and the European Investment Bank. Between December 2010 and December 2012, The North West Fund invested some £40 million in 145 businesses.