LudgateEnvironmental Fund (LEF) has led a 4.2m euro funding round into electronic waste recycler Terra Nova, the company said Wednesday.

The company, which invested €1.6m as part of the funding, has been helping Terra Nova in raising money to finance growth over the coming year as it develops ways to recycle electronic waste.

LEF has so far invested £5.3m into Terra Nova and will hold a 37% stake in the company. The latest investment will help the recycler expand its capacity.

"The funds will be used to finance Terra Nova's rapidly increasing production and capital projects to increase processing capacity and scope," the company said.

Terra Nova, established in 2006 by experts from the metals sector, recently launched its first plant for recycling printed circuit boards.

The facility has started making regular deliveries to metals smelters and demand for production volumes has exceeded the existing capacity of the plant.

Christian Thomas, Chief Executive Officer of Terra Nova, said: "I'm delighted to announce the close of our fundraising led by Ludgate Environmental Fund. With this capital, Terra Nova has the resources to deliver rapid growth.

"We have made huge progress over the last three years and this investment will allow us to meet the customer demand which is outstripping our initial production capacity."

RD

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