Growth Fund - Loans & Equity Case Study
GSA Environmental is a global specialist in the extraction of transition metals such as vanadium, molybdenum and nickel from oil refinery residues and power station ashes. These metals can be toxic and pose a threat to the environment.
It has been in operation for 13 years, generates a turnover of £2m and employs 10 people.
Michael Grimley, Managing Director of GSA Environmental, said: "Waste catalysts and the residue from power stations and oil refineries must be handled carefully. Disposing of them can pose a number of environmental challenges and can be cost prohibitive. At GSA Environmental, we find ways to recover valuable metals such as nickel and vanadium so that they can be recycled and re-used.
"We conduct significant levels of engineering design and research work that assists clients to find a better way of working with these materials. In most cases, the refiner/power producer can realise a commercial benefit as well as the obvious environmental improvements."
GSA Environmental plans to design and build a new metal recovery plant in the UK. It has also completed an engineering assesment to build a commercial scale plant in Saudi Arabia.
Finance Yorkshire Involvement
Finance Yorkshire has supported GSA Environmental’s growth plans with a £500,000 investment from its Equity Fund. The funding will enable GSA Environmental to invest in its UK-based team of engineers and plan the building of the metal recovery plant.
The Investment Rationale
Alex McWhirter, Chief Executive of Finance Yorkshire, said: "GSA Environmental has a great deal of experience in working with clients where innovative solutions can be developed to address environmental issues and helping customers to improve their environmental performance and productivity. I’m delighted that our investment will lead to the employment of more people within this region."
Michael said: "The support from Finance Yorkshire will be invaluable as we move to the next stage of our growth. We will add another 10 permanent staff over the next three to four years."
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire