Green energy firm to double output
A Welsh biotechnology business that generates renewable electricity from waste food is set to expand its operations, after receiving a £200,000 funding package.
Read time: 5 mins Added: 12/04/2019
GP Biotec, based near Talgarth in Powys, uses industrial food waste and arable crops grown at its 600-acre farm to produce renewable energy using a process called anaerobic digestion.
The family-run firm will use the six-figure sum to invest in state-of-the-art equipment including two digester tanks, doubling the amount of electricity it can currently generate.
Powering homes, creating jobs
The business is expected to grow its turnover by 70 per cent thanks to the extra capacity, as well as creating five new jobs for people in the local community.
GP Biotec was founded in 2013, by Paul, Gary, Charles and Janet Jones and is based at Great Porthamel Farm, which has been in the Jones family for more than 50 years.
Renewable electricity generated by the plant is sold to a third-party supplier and is used to power approximately 520 homes across Wales.
"Consumer demand for cleaner energy sources has grown in recent years, with more people opting for green energy tariffs as they look to do their bit for the planet."
Paul Jones, director, GP Biotec
Paul Jones said: “The completed production facilities, which will be fully operational by July, will allow us to meet this upturn in demand, powering 325 more homes across the community whilst simultaneously diverting additional food waste from going into landfill.
"When arranging the finance, the team at Lloyds Bank took the time to understand our business and aims, and immediately recognised the benefits of investing in the new equipment."
Lloyds Bank provided the funding through its Clean Growth Finance Initiative, a £2 billion scheme that offers discounted finance to firms investing in lower-carbon projects.
"GP Biotec is a fantastic example of an innovative, eco-friendly business that is helping people to become more sustainable."
Arthur Thomas, agriculture relationship director at Lloyds Bank Commercial Banking
The new funding enables GP Biotec to complete its original plans for the site that were outlined during the planning process in 2010.
The anaerobic digestion process creates methane gas, which is used to generate renewable electricity, as well as solid and liquid plant fertiliser, which is used on fields at the site.
All lending is subject to status.
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