The UK-based Waste & Resources Action Programme announced that it is investing £350,000 in Oakside Logistics Ltd. The company has developed a program to allow customers in the automotive sector to comply with the End of Life Vehicles Directive, as well as the Hazardous Waste Directive.
The only venture capital fund dedicated to the UK recycling sector has completed its first investment, providing support for a Bristol based early stage recycling business.
Oakside will be working with CCR AG, a company that has a similar model in operation in Germany.
“We are delighted to have secured this funding which will enable us to grow our business,” says Oakside Logistics managing director Richard Brown. “We help our customers across the country recycle a range of waste materials and prevent these materials ending up in landfill. We will be able to recover an extra 1750 metric tons of paper packaging and 800 metric tons of plastic components such as bumpers each year as a result of this investment.”
Research by groups in the UK have suggested that the recycling sector will require about £6bn of investment in reprocessing capacity alone over the next 15 years if the UK is to meet recycling targets so more access to commercial investment will be essential. The Recycling Fund is designed to stimulate more involvement from the investor community by demonstrating what is possible.”