A manufacturer of products used in civil engineering and construction markets has announced it is to receive funding from Iona Capital.
Sheffield-based R3 Products manufactures substitutes for concrete and plywood from unwanted mixed waste plastics.
The relatively new company was the largest start-up company to launch last year, launching in October 2011 and starting production in March this year.
It is to develop a strategic partnership with Iona Capital, a company that provides equity for waste projects that have a renewable element.
The strategic partnership with Iona gives R3 stability and means they can work on growing their company.
Mike Dunn, director of Iona Capital, said: “As the recycling industry is growing, we are glad to position ourselves as experts in the waste management field. We have high hopes for such ground-breaking technologies as R3 has demonstrated and look forward to working alongside them to contribute to the ‘zero waste to landfill’ government policy”.
The environmental benefits of R3 Products two patented products – R-Pave, a SUDS compliant permeable paving system, and Ezikerb®, a two –part kerb – are lower CO2 emissions, with less plastics going to landfill.
Kevin Parkin, non-executive Chairman of R3, said: “R3 can call upon three moulding processes, unlike other recycled waste manufacturers, which gives us a great flexibility in selecting the best fit technique for the specified product. We ensure that we choose the most cost and technically efficient process for each product.”
R3 Products plan to use 5,000 tonnes of mixed waste plastic during the next 12 months and expects to double this volume in the following year.