The Finance Durham fund in Durham County, England, has completed a £650,000 ($908,000) investment in Consett-based biomass energy plant, SDS Inc Limited.
Courtesy of Durham County Council
The investment into SDS is the third deal from the £20 million ($27.9 million) fund set up by Business Durham, the economic development organization for County Durham which is located in northern England. The fund is managed by Maven Capital Partners.
Michael Vassallo, investment director at Maven, commented, "We are delighted to support SDS's growth plans through the Finance Durham fund investment. This is an exciting business consisting of driven and passionate individuals, with a product tailored to an increasing market demand."
SDS operates a biomass renewable energy plant from an industrial estate in Consett. The plant takes wood chippings waste from timber yards and applies a process to produce electricity. The site also has four engines and turbines that export electricity to the grid.
Brian Archer, managing director of Business Durham, said, "County Durham is home to some of the UK's fastest growing companies and it's fantastic that the Finance Durham fund is able to support SDS as it takes advantage of the burgeoning solid fuel market."
Biomass energy production is a proven technology and currently represents 85 percent of the total UK renewable energy supply.
Carl Marshall, Cabinet member for economic regeneration, concluded, "It's great that our Finance Durham fund is supporting another County business in its efforts to grow and we're especially pleased to be helping a renewable energy firm which shares our desire to reduce carbon emissions."