Iona Capital invests in R3 Products

Iona Capital, a environmentally-focused equity and debt finance group, has ploughed what it called a “significant” investment into R3 Products, a Sheffield-based waste-into-engineering products business.

R3 was launched a year ago in what it claimed was the largest manufacturing company start up of the year.

The group takes unwanted mixed waste plastic and converts it into products which it said mimic those made of concrete and plywood materials and are aimed primarily at the engineering and construction markets.

Iona declined to spell out exactly how much it was investing in R3, however Mike Dunn, director at the firm, said: “We are pleased to be able to support this innovative process and work alongside a highly committed and experienced management team. 

“This investment is one of a series we are making in the waste renewable sector that is aligned with government environmental policy drivers”.

R3 makes R-Pave, a Sustainable Urban Drainage System-compliant permeable paving system, and Ezikerb, a two-part kerb system.

The group said it planned to use 5,000 tonnes of mixed plastic waste during the next 12 months and double this figure in the following year.

Kevin Parkin, R3’s non-executive chairman said: “R3 can call upon three moulding processes, unlike other recycled waste manufacturers, which gives us a great flexibility in selecting the best fit technique for the specified product.

“We ensure that we choose the most cost and technically efficient process for each product, thus developing a solution which matches our customers’ requirements perfectly.”

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