Equipment Finance News

Aldermore provides £700k loan to recycling company


Aldermore has provided a £700k loan to Environcom, a waste recycling company, for a Gas Energy Recovery Incinerator (GERI) at their Grantham site, based in the East-Midlands.

As a fridge recycler plant, Environcom, by law, must collect all the refrigerant gas and blowing agent gas used to create the insulation which fridges produce and then ensure these gases are destroyed by high temperature incineration, which can now be done with the new GERI technology.

With only two other incinerators of this kind in the UK, GERI will be one of most state-of-the-art in the country. The energy produced from burning the gas is recovered and re-used to heat the hot water in the plant. This is one of the many ways Environcom is reducing its carbon footprint as the business looks towards becoming net zero.

Founded in 2007, Environcom’s business provides a new approach to e-waste management that goes beyond recycling. They aim to reuse rather than recycle and are already hitting more than 10% reuse of all of the e-waste it collects, which is almost unique in the industry. As e-waste specialists, they work closely with customers and play an integral role in supply chain solutions, allowing them the opportunity to close the loop on e-waste.

Catherine McGorrigan, business development manager at Aldermore, said: “Environcom has been a client of Aldermore’s since 2016, and we were delighted to be able to support them with the GERI project and provide the funding they needed.

“Environcom has big ambitions and ideas, especially as they look towards becoming net zero, and we want to continue supporting them and developing our relationship. Their step-by-step approach to building their own plant has been fantastic to watch and we look forward to seeing how we can further help Environcom further to deliver on their ambitious goals in the future.”

Cris Stephenson, chief executive officer at Environcom, said: “The financing we have in place with Aldermore has been invaluable. We were looking for additional funding for the GERI project and were keen to work with a bank that understood our ambitions to achieve net-zero in the very near future.

“What really stood out for me was Aldermore’s flexibility in its approach. We already had an existing relationship with Catherine which really helped. The team at Aldermore really understand our business model and were passionate to support us with the financing solutions for further growth.”