Foresight, on behalf of Foresight Environmental Fund ("FEF"), has announced a £1 million investment into Orion, a multi-faceted support service company dedicated to advanced and sustainable solutions. Foresight has worked alongside Orion since early 2013 to develop the company’s business plan, which led to the investment in late April 2014.
• Foresight Group LLP ("Foresight”) announces a £1m investment from the Foresight Environmental Fund ("FEF”) into Orion Support Services Ltd. ("Orion”), a multi-faceted support service company dedicated to advanced and sustainable solutions
• Orion to expand its existing commercial and industrial ("C&I”) and construction and demolition ("C&D”) waste collection businesses through the relocation of operations to a new site at Canning Town
• Orion to deploy waste processing and sorting equipment at the new site, aimed at improving recycling rates, and ultimately reducing waste to landfill
Orion is a rapidly growing business, focused on the collection of C&I and C&D waste from across London. The company currently collects c.40,000 tonnes of waste per annum through a fleet of vehicles it owns, maintains and operates, based out of a site in Silvertown, East London.
The investment will allow Orion to move its operations to a new, larger site located at Canning Town, East London. This will allow the expansion of existing activities and for the business to undertake sorting operations on select streams of the waste it collects, in order to maximise recycling rates and minimise disposal costs.
John Stride, Managing Director of Orion, said:
"By not having our own treatment facility we had to use the most economical options for disposal which weren’t always environmentally the best. In preliminary discussions with Foresight they showed a keenness to support us in achieving our goal of maximising recycling and recovery of the waste streams which we handled.
With the investment we have been able to secure a new site with plans to develop an automated recovery facility. This support means we will be able to offer our clients the most sustainable route for all their secondary materials and ensure we send nothing more to landfill. Moreover by making the investment Foresight has enabled us to offer long-term employment and training opportunities to our current and future staff.
Over the last 18 months or so Foresight’s advice and knowledge of the industry has helped to steer us to our end goal.”
Philip Kent, Senior Investment Manager, Foresight, said:
"It has been a pleasure to work with Orion over the last eighteen months and we look forward to seeing the investment facilitate Orion’s continued successful growth.”
Wayne Hubbard, Chief Operating Officer of London Waste and Recycling Board (LWARB) said:
"I am delighted that Orion will be able to expand its operation thanks to this investment by the Foresight Environmental Fund. This is a great example of how existing businesses can utilise London Green Fund finance to improve the quality and quantity of recycling in London.”
This investment is the seventh made by the £60 million FEF, since it was launched in 2011, taking its deployment to approximately 80%. FEF targets waste to energy projects and recycling facilities which promote sustainable and carbon neutral economic growth in Greater London.
For further information, please contact:
Ben Thompson, Foresight email@example.com +44 (0)20 3667 8155
Notes to Editors
About Orion Support Services
Orion Support Services provide businesses with advanced and sustainable environmental services incorporating all aspects of construction and commercial waste recycling. The company also provide FM Services to London's commercial sector.
Orion pride themselves on being at the forefront of technological advances within the waste management sector: hand-held computers are used by all staff to capture real-time data that is then available to its clients within minutes via their on-line portal. These industry-leading reports are helping businesses to operate within their own guidelines and to the highest standards.
About Foresight Group
Foresight Group is a leading independent infrastructure and private equity investment manager that has been managing investment funds on behalf of institutions and retail clients for 30 years. With a background in private equity and venture capital, Foresight has diversified activities and today manages institutional funds principally in European Infrastructure (Solar and PPP), Environmental and UK small cap Private Equity, including six years of specific Infrastructure experience.
Foresight has £1 billion of assets under management and boasts one of the UK's leading Environmental infrastructure investment teams. It is responsible for managing approximately £155 million of environmental assets which include the £60 million Foresight Environmental Fund (FEF) and the £68 million mandate from the UK Government's Green Investment Bank for UK environmental infrastructure.
About Foresight Environmental Fund ("FEF”)
Foresight Environmental Fund is a £60 million fund, which is in part overseen by the London Green Fund and funded by the European Regional Development Fund (ERDF) and the London Waste and Recycling Board (LWARB), alongside other private sector institutional and private investors, and which invests in recycling and renewable energy projects in the Greater London area. FEF has an environmental, social and economic mandate: to divert waste from landfill and reduce CO2 emissions; to create jobs; to stimulate growth and technology in the sector whilst generating commercial returns for its investors.
About the London Waste and Recycling Board
The London Waste and Recycling Board (LWARB), chaired by Richard Tracey, Assembly Member, working in conjunction with the Mayor of London and London Councils, has a remit to improve waste management in the capital. For more information on LWARB visit www.lwarb.gov.uk