E-SYNERGY ANNOUNCES £750,000 SUSTAINABLE
TECHNOLOGY FUND INVESTMENT IN WASTE TECHNOLOGY INNOVATOR MORGAN EVERETT
03 July 2007
The Sustainable Technology Fund (STF) managed by E-Synergy has made a £750k
investment in Morgan Everett Ltd, the developer of the innovative PyroPure®
waste destruction system that eliminates the need to transport non-recyclable
refuse to landfill sites.
PyroPure® promises a hygienic and low-cost alternative to landfill that
reduces plastic and biodegradable municipal waste to an ash that can be flushed
into the sewage system.
The STF, a £30m UK Limited Partnership (LP) Fund backed by a mix of institutional
and private investors, has made the investment in Morgan Everett as part of a
successful £1.25m funding round. The STF can make investments of up to £2m in UK
entrepreneurs and companies developing clean and efficient industrial processes.
"Morgan Everett is a compelling investment case because it is a UK company
developing technology to address a global opportunity," said Sam Richardson,
Investment Director of the STF. "This is a huge problem – waste collection and
disposal costs in the UK alone last year exceeded £5b and rising transport
costs and landfill taxes and tightening regulation are set to push this higher
in the future.
"The PyroPure® system is a ‘distruptive’ system that has the potential to
revolutionise waste management by tackling the waste at source, providing superior
cost savings, convenience and environmental benefits to any other known method."
Hampshire-based Morgan Everett was set up by chartered engineer and Chief Technology
Office Howard Clarke and Chief Operating Officer Sue Clarke. They are backed by a
highly experienced management team led by Chief Executive Ted Brown, previously
COO of Rentokil Initial.
"The core technology is proven so this initial funding is targeted at further
technological development including recruiting more design engineers and building
prototypes for customer field trials," said Ted Brown. "Our short term focus is
about hitting these development milestones.
"We are delighted with E-Synergy’s decision to provide this investment through
the STF that will enable us to take PyroPure® forward. From our first
introduction (via Antonia Jenkinson of Kennet Corporate Finance), E-Synergy
was keen to focus on the technology and the market opportunity as well as the
financial aspects. We very much look forward to working with their in-house
experts as we move through development into full commercialisation."
ENDS
Notes for Editors
E-Synergy specialises in venture investing in early stage high technology companies.
The Company was founded in 1999 by the CEOs of four major technology development
and licensing organisations, to fill the investment gap which exists between
business angel investors and conventional venture capital companies. The founding
directors all have many years’ experience and success in the commercial exploitation
of technology in UK and international markets. An important aspect of its investment
process is to help new technology companies to acquire the business and commercial
skills necessary for growth and success.
E-Synergy raised the £30m Sustainable Technology Fund last year. The fund complements
its existing pipeline of activity that includes running a private investor-backed
Early Growth Fund, management of the East Midlands Early Growth Fund on behalf of
the East Midlands Development Agency, and acting as co-ordinator for the Emerald II
fund that supports commercial projects based on research from London’s universities.
E-Synergy is authorised and regulated by the Financial Services Authority.
Contacts
Sam Richardson, E-Synergy, 020 7583 3503
Chris Clarke/Diane Davidson, Holt PR, 020 8334 8354
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