A Black Country-based environmental management and materials recycling business has secured a £1.5m debt funding package from the Midlands Engine Investment Fund through Maven Capital Partners.
The funding will be used by Aurelius Environmental to purchase new machinery to improve efficiencies, reduce the company's carbon footprint and help to support its sustainable development strategy.
Tipton-based Aurelius recycles lead acid batteries using an energy positive process to produce products for re-use in the battery manufacturing industry. Working in partnership with Cambridge University, Aurelius is developing a cleaner process to recycle lead acid batteries to harness hazardous waste as a raw material and produce purer chemical products for re-use.
Aurelius’ management team has considerable industry experience and is led by chief executive Miles Freeman, a former operations director of Ecobat Technologies.
"As an established business, we are committed to revolutionising the waste management and recycling industry and the funding will enable us to invest in advanced machinery which produces virtually zero waste, allowing us to provide a more sustainable and environmentally process to the market. We look forward to working with the MEIF team over the upcoming years," said Miles Freeman.
Andy Povey, investment manager at Maven Capital Partners, added:
"The Midlands has historically been a key driver of UK economic growth and a hotbed for innovative smaller businesses.
"We're delighted to back an established, sustainable business whose social and economic ethos enhances the process by which it recycles lead acid batteries to produce purer products for re-use."
The company was introduced to Maven by Ludgate Finance, a specialist adviser in the alternative finance sector.
Aurelius was now "well-positioned to accelerate their growth plans", said Richard Mason, a director at Ludgate Finance, while Sean Hutchinson, a senior manager at the British Business Bank, said providing finance for innovative Midlands businesses was "exactly what the Midlands Engine Investment Fund was set up to deliver".
Paul Brown, Black Country LEP board member, said:
"Investments such as this demonstrates that the Black Country is a great place to do business and that the Midlands is a thriving environment for business to flourish."
Image l-r: Sean Hutchinson, Raj Minhas, Johdie Harris, Miles Freeman and Andy Povey.