Financial giants back waste-to-fuel company

INVESTMENT bank Goldman Sachs has pumped $10 million (€7.76m) into waste-to-fuel company Bedminster International.

Bedminister is backed by Bill McCabe, the multi-millionaire founder of e-learning company Smartforce.

Mr McCabe said the investment by Goldman Sachs will fund the expansion of Bedminster.

Its is understood the investment values Bedminster at around $100m (€77.5m). Mr McCabe remains the largest shareholder through his investment vehicle Oyster Capital.

The company converts waste into a fossil fuel substitute for use in the production of renewable energy. Bedminster said the bulk of typical municipal waste throughout the world is biodegradable and its technology extracts the biodegradable fraction from waste and converts it into biofuel.

“Our technology is an environmentally-friendly solution to the waste problem and an opportunity to produce fossil-free renewable energy,” said Mr McCabe.