Argent Energy secures £7m funding from RBS


Argent Energy secures £7m funding from RBS

Argent Energy Group, the UK's leading waste-to-energy biodiesel producer, has secured a £4m funding package from The Royal Bank of Scotland and a further £2.95m from the bank's asset financing division, Lombard, to help fund the company's development.

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05 October 2011

The Motherwell-based company has pioneered the large-scale commercial production of biodiesel and today is the country's foremost biodiesel producer specialising in producing cleaner, greener road fuel using by-products and waste – specifically tallow and used cooking oil – supplying to the likes of Stagecoach who use biodiesel in many of their vehicles.

Argent began production in 2005 at its state-of-the-art plant in Newarthill outside Motherwell and can now deliver over 50 million litres (45,000 tonnes) of high quality biodiesel a year. Its success has been widely recognised, winning Most Sustainable Biodiesel Producer at the World Biofuels Markets Expo and Conference in 2009 and named the World Refining Association's Biodiesel Corporation of the Year in 2010.

The company previously banked with Lloyd's Banking Group but turned to RBS for a more local business relationship. The banking package includes the provision of debt and full-money transmission services which will assist the company's continued growth. Lombard is funding the purchase of ground breaking equipment that no other biodiesel manufacturer in the UK is using, giving Argent the ability to transform used cooking oil and animal fat recovered from waste water treatment companies into biodiesel.

Jim Walker, Managing Director, Argent Energy, said: "We are very pleased to have set up this deal with RBS. We have ambitious growth plans and felt we needed a bank we could build a good relationship with and which has a strong local presence. As a Scottish bank, the team at RBS offer just that. We have been able to agree a package that is tailored to our needs and will help us to achieve our strategic objectives."

Jim McIntyre, Regional Director, RBS Corporate & Institutional Banking, said: "This was a fantastic opportunity for us to help an ambitious Scottish company and we are delighted to be given the chance to do so Argent have built a greener, more eco-friendly, positive business model and the foundations are in place for a bright future. This deal reflects our further efforts to provide the necessary investment to support the growth ambitions of both Scottish business and the Scottish economy. "

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