Energy industry veterans Mike Wilson and Doug Duguid have led a £1 million buyout of a north-east firm created just two years ago through a business start-up scheme.
Mr Wilson, Mr Duguid and other investors have swooped to buy environmental technology company Recycl8, which is developing a “groundbreaking” low carbon process for the construction industry.
Oldmeldrum-based Recycl8 works with partners in the waste-to-energy and global construction industries to transform incinerator ash – often destined for landfill – into a low carbon additive for concrete manufacture.
The technology they have developed is truly a first in its field.”
Its new technology is expected to help concrete manufacturers reduce their carbon footprint and achieve climate targets.
The business was established by Ian Skene, Raymond Cowan and Yvonne Walker after they met on an enterprise start-up scheme for redundant oil and gas professionals, Grey Matters, in 2019.
Mr Skene – who remains managing director – owned Recycl8 outright until the £1m acquisition, whose two main driving forces are well-kent faces in the north-east energy industry.
Mr Wilson is the founder, owner, chairman and technology director at Banchory-based Ecosse IP, which was spun out of Ecosse Subsea Systems (ESS) in 2018 when the latter was sold to US firm Oceaneering International for about £50 million. ESS was itself founded by Mr Wilson in 1996.
Mr Duguid is a co-founder and former chief executive of Aberdeen-based mechanical and electrical services company EnerMech. It was acquired by US private equity firm Carlyle Group in 2018 in a £450 million deal.
Last year Mr Duguid and Michael Buchan, who was another founding partner of EnerMech and its chief financial officer, launched a multi-million-pound investment fund – Indigo 7 Ventures – to support fledgling technology companies in the renewable energy industry.
Recycl8 boasts specialists from the waste management, education and global business sectors.
Mr Skene said: “We are excited to strengthen this team even further with Doug and Mike’s appointments and substantial investment in the business.
“Their investment will help us to accelerate the development and commercialisation of our low-carbon additive for concrete manufacture for the global construction industry.”
He added: “In working with us, waste-to-energy facilities can avoid sending their ash to landfill, and cement manufacturers can deliver a significantly reduced carbon footprint to our ever-growing sustainable built environment.”
Mr Wilson, now also a director of Recycle8, said: “Recycl8 is a solution-driven, future-focused organisation.
“The technology they have developed is truly a first in its field. If all UK concrete was made with Recycl8 technology, we’d save around 2.1 million tonnes of CO2.
“This is a hugely exciting prospect, in particular for both the construction and waste-to-energy industries in their bid to tackle the carbon emissions challenges they face, as we all work towards international net-zero targets. ”
Mr Wilson added: “I am delighted to be part of this journey with the Recycl8 team, and I look forward to working closely with our partners in the waste-to-energy and construction industries to build a more sustainable future.”
If all UK concrete was made with Recycl8 technology, we’d save around 2.1 million tonnes of CO2.”
Grey Matters aims to bring together experienced professionals who have been made redundant and help them to create new businesses.
A joint initiative between Granite City-based business support organisation Elevator and economic development quango Scottish Enterprise, the scheme was rolled out in 2018 after a successful pilot in Aberdeen.