4 February 2012

TEG wins £0.7m Scottish deal

26/07/2010 Robert Tyerman

Organic composting specialist TEG Group is to build a £700,000 anaerobic digestion (AD) plant in Perthshire with Albion Ventures.

The AIM-quoted company has set up TEG Biogas, a 50-50 joint venture with London venture capital group Albion, to build and operate an AD plant to process 16,000 tonnes of food waste a year, generating an expected 0.7 megawatts of electricity and 0.25 MW of heat in the process.

TEG Biogas has planning permission for the AD facility, which is the company's first, at Glenfarg, Perthshire, and has been awarded a grant for some 80 per cent of the capital funding needed for plant and equipment from Zero Waste Scotland, a body funded by the Edinburgh government. TEG's chief executive Mick Fishwick says the company is 'very excited to be entering into the renewable energy sector'.

Floated at 50p in 2004, TEG's shares now trade at 37.5p, up 2p this morning. That values the company at £28.2 million.

Tags: AIM, Deals & contracts, Fundraisings, Growth Stocks

Sector: Industrial Engineering

Companies: TEG

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