£2.5M round for Inetec’s waste food to energy plant

Follow-on investment

Oxford Capital Partners has announced a follow-on investment in Inetec Ltd, a developer of waste-to-renewable-energy projects in the food manufacturing sector.

The company uses proprietary technology to convert industrial food waste into a stable biomass fuel, which can then be converted into gas and used in a combined heat and power plant (CHP) to produce heat for industry and renewable electricity for the grid.

Each CHP will generate four revenue streams: a gate fee for waste collection, the sale of heat energy to industry, the sale of renewable electricity to the grid and the sale of marketable Renewable Obligation Certificates (ROCs).

The money will be used to progress the construction of the UK’s first food waste to renewable energy power station, at Immingham in north east Lincolnshire. The plant will divert up to 180,000 tonnes of waste away from landfill and generate 24 MW of electricity.

Inetec plans to develop ten such plants around the UK in the next five years.