Close Brothers Asset Finance has announced plans to support Orthios, a British waste and recycling firm, through provision of a £1.2m Coronavirus Business Interruption Loan Scheme (CBILS) asset finance facility.
Via the provision of finance, Orthios plans to build a 200,000 metric tonne recycling facility, ensuring the creation of 55 new jobs. The new establishment will recycle waste and separate the non-recyclable polymers to then go into a new Plastics to Oils (P2O) facility.
The P2O technology operated by Orthios provides a safe, effective, and clean method to decomposing polymers. Such technology is an innovative alternative to direct recycling, a cornerstone of the circular economy.
For several types of plastics, a direct recycling solution does not exist. However, they can be broken down – ‘depolymerised’ – to recapture their ingredients. Such processes are usually costly.
Sean McCormick, CEO at Orthios, commented on the significance of the investment: “This is a really innovative time for the waste and recycling sector because we are using technological developments to push the boundaries of what we are able to reclaim and re-use.”
McCormick continued: “Clearly, there are significant costs involved, which is why we are so pleased to have Close Brothers Asset Finance on board as an enlightened funder. Not only do they have a long history of working in this sector, but also adopt a partnership approach, advising and providing expert insight.”
On top of this, a further significant facility is being considered. Orthios hopes to use the second loan for the purchasing of equipment that will convert left-over waste biomass into gas, that can eventually be processed to a carbon-zero fuels. This is anticipated to facilitate the creation of a further 10 jobs.
Chris Prior, area sales manager for the waste and recycling division at Close Brothers Asset Finance, described the project as “genuinely exciting”.
Prior commented: “It started with a vision to turn a former aluminium smelting site into one that accommodates a range of modern, sustainable, environmental businesses that function together in a circular economy.”
Orthios journey began by transforming Anglesey’s 230-acre former aluminium works into a green industrial park in 2015, fully integrating waste processing with renewable energy production in an economically viable, socially responsible, and eco-conscious way.
Prior concluded: “We’re delighted and proud to play our part in Orthios’ journey, which has seen the creation of multiple new, highly-skilled roles in an area that really needs them at a time of significant uncertainty for many.”