The U.K.-based private equity firm Iona Capital has completed an investment in a firm called Gradena Ltd., which plans to manufacture wood replacement goods from waste tires and recycled UPVC using a patented process called nano surface intensification.

Gradena is a joint venture company between Gradsol Ltd., a London-based management consulting company that specializes in sustainability and operational consulting, particularly in the waste sector; and Dena Technology Ltd., a U.K.-based company that provides nanotechnology solutions in more than a dozen business development areas, including rubber recycling.

With the financing from Iona in place, Gradena is planning to build a system in the U.K. that will allow it to process around 1,200 metric tons of waste tires in the first year of the project. The company hopes to increase the volume of tires it can process by installing additional production lines.

Iona Capital says that the wood replacement product will be far less susceptible to degradation from adverse conditions such as heat, cold, dampness, wind, insects and UV.  At the end of their life cycle Gradena products can be recycled.

Nick Ross, director of Iona Capital, says, “Iona is fully committed to providing funding for the development of environmental projects, which help to achieve the zero waste to landfill target. This project is an excellent example of supporting leading-edge technology and producing value-added products which overcome the growing issue of waste tires.”

Robert Paley, Gradsol’s finance director, says, “This project achieves not only strong financial performance, but also delivers significant environmental benefits. The main selling point of the end products is that they are much more durable than their traditional counterparts and they provide considerable additional commercial benefits. The efficient use of recycled tires and UPVC not only reduces waste volumes; these wastes can be used to produce recyclable, new products. We even expect to have “off-cuts” and “end-of life” recovery programs so that nothing is wasted. The products also reduce reliance on wood and other, non-, or less, sustainable construction products.  Gardena’s process is eco-friendly and supports our sustainability initiate.”