Business Live
Summary
Family-run Allium Energy has secured a seven figure funding package to fuel a combined heat and power project.
The Easingwold-based firm has secured a £3m loan facility from Lloyds Bank to fund part of a £6m energy recovery plant that will reduce local CO2 emissions by almost 6,500 tonnes every year, and will generate enough power to supply the equivalent of 813 homes. Allium will also create four new jobs in the move.
Both the electricity and heat from the new plant will be used locally. A nearby poultry farm will receive the first draw of power, with the balance being fed into the national grid. Richard Todd, managing director of Allium Energy, said: "In the current climate, factors like demand for new housing and the drive to adopt electric vehicles are placing huge pressure on our grid. Couple this with the fact that energy prices are only set to rise, and it’s critical that we do as much as we can to capitalise on the materials we have at our disposal to create renewable, clean, sustainable sources of power.
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