Birmingham-based Genesis Control Systems UK has switched from its previous banking partner of 19 years to Lloyds TSB Commercial and received lending support worth £210,000 to fund an innovative waste-to-energy project.
The company, a £1 million turnover business based on Sandy Lane in Aston, develops systems that generate electricity and carbon from waste that would otherwise be burnt in incinerators or buried in landfill sites.
The process involves heating organic matter with the absence of air, so it does not burn but instead creates gases such as methane, hydrogen and carbon monoxide that are cleaned and used to generate electricity for gas engines.
Genesis Control Systems approached Lloyds TSB Commercial after its previous banking partner was unable to provide the necessary support to continue the development of the systems. Lloyds TSB Commercial provided the finance to fulfil current contracts, fund working development of the technology and enable the hiring of more engineers to facilitate the building of the plants.
The business currently employs 10 people and plans to take on an additional two staff to meet growing demand for orders coming in.
Tim Osgerby, managing director at Genesis Control Systems, said: “People will always create waste and will always consume fuel. As energy prices continue to rise and the cost of waste disposal grows, it seemed only right to pioneer an alternative way of disposal that also offers a method to generate energy.
“Our systems are relatively compact. If each town had a small waste-to-energy plant, they could generate enough energy from their own waste to be self-sufficient. We currently supply private businesses across the country and internationally and are expecting to increase our output by 20 per cent over the coming year.
“Funding is vital to a developing business like ours that needs working capital to continue to improve and grow. Lloyds TSB Commercial has enabled us to ensure that our facilities, products and people are continually expanding and evolving, and the bank’s guidance has been second to none.”
Mark Harris, senior business development manager at Lloyds TSB Commercial, said: “Genesis Control Systems is an innovative and pioneering local business. When Tim approached us to secure the funding that he needed, we appreciated the benefit his project could have on future eco-friendly energy generation.”