Ludgate Environmental Fund Limited, the AIM‐listed investment company focused on the environmental and cleantech sector, has announced an investment of £5m into New Earth Solutions Group Limited, a UK waste treatment and renewable energy company.
The investment has been structured as £3m through the subscription for preferred ordinary shares and £2.0m as a 12 month, 10% Convertible Loan Note.
This investment represents a first closing of the £15m equity fundraising announced by New Earth in August 2009.
New Earth Solutions Group Limited has existing and planned operations in the south and central England and contracts to receive waste from the local authorities of Bournemouth, Dorset, Bristol, Kent, West of England Partnership, Gloucestershire and Leicestershire.
The funds will be used to accelerate the growth of both New Earth’s waste treatment and renewable energy businesses.