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UK Firm Receives Funding from VC Firm

Electronics, International Recycling News

Ultromex recovers metals from electronic and industrial waste products.

Recycling Today Staff January 22, 2013

The U.K. firm Ultromex Ltd. has secured £550,000 (US$888,000) in funding from The North West Fund for Energy & Environmental, which is managed by CT Investment Partners, to help the company grow its business to extract metals from electronic scrap. To accomplish this, the company is building an 8,000 metric tons per year plant in Ellesmere Port, U.K.

Ultromex has developed a process to recover high-value metals from electronic and industrial waste products. The company, founded by Jonathan Quinn and Harry Middleton in 2011, aims to increase turnover to £10 million (US$15.9 million) by 2016.

The business works in partnership with global metal recycling and industrial businesses, helping them to recover metals more efficiently, while lowering energy use and emissions. To accomplish this, the company is currently commercializing processes to recover metals from printed circuit boards and lead from leaded glass.

The North West Fund for Energy & Environmental is part of The North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank.

Ultromex, based in Birkenhead, will use the funding to develop a process for recycling catalysts, industrial sludges and dross and residual mine tailings.

In a release, Quinn says, "Working with The North West Fund for Energy and Environmental will enable us to develop our technologies even further. Our products are focused on the specialized 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."

Adam Workman, a partner at CT Investment Partners and manager of The North West Fund for Energy & Environmental, notes, "Metal recycling is a worldwide industry with more than 400 million metric tons of metals worth £200 billion every year.

"Ultromex is a fantastic investment opportunity. 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."

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