Investment boost for green fingered business
A company producing environmentally friendly weed killer will be able to flourish thanks to a £250,000 investment from the Adapt Group's Low Carbon Innovation Fund, based at the University of East Anglia.
Weedingtech designs and manufactures non-toxic weed control technology for use in agricultural, municipal and domestic markets.
The investment will help the company begin mass production in the UK, set up distribution in other countries, secure two jobs at their Cambridgeshire base and create another four.
The money comes from a £30 million fund dedicated to helping small and medium-sized businesses in the East achieve low carbon growth and boost sustainable enterprise.
Weedingtech produces a range of non-toxic products which are the first commercially viable alternative to chemical herbicides. Its headline product 'Foamstream' helps reduce weeding costs, carbon emissions and promotes a healthier environment.
It works by using a combination of hot water, steam and non-toxic foam made from natural and renewable plant oils and sugars. This foam acts as a thermal blanket, which retains heat in the water so that it can penetrate a weed's waxy exterior walls, rupturing the cells and killing it quickly.
The formula has been approved by leading international regulatory bodies including the Soil Association, the Organic Farmers and Growers Association.
The company's current customers include Countryman's Contractors, Greenshoots, Thames Water and the City of Gothenburg in Sweden. But the investment means that the company will be able to expand production into new territories worldwide.
John French, chief executive of the Adapt Low Carbon Group, said: "Weedingtech is a local company with products that have the potential to have a global impact on reducing carbon emissions and environmental impact. We are proud to have such leading edge low carbon technology companies in our region and are delighted that we can support Weedingtech."
Weedingtech chair Alexander Goldsmith said: "The Low Carbon Innovation Fund is a highly regarded investor in emergent sustainable technologies in East Anglia and we are delighted to have secured its support for our development plans.
"The funds we've raised will allow us to build our salesforce - creating jobs and opportunities in the local area."
Launched in 2010, the Low Carbon Innovation Fund is a £30 million venture capital fund operated by the Adapt Low Carbon Group, based at UEA and managed by Turquoise International. The fund invests in SMEs across the East of England - a region which aspires to become a leading, world class low carbon economy. The European Regional Development Fund's contribution of £12.5 million has been matched with approximately £17.5 million of private co-investment.
Companies interested in seeking investment from the fund should contact Kevin Murphy on 020 7248 1506 or visit www.lowcarbonfund.co.uk.