A new paper recycling plant in Hartlepool is set to open next month.
Ward Recycling will open the facility after the company secured a seven-figure funding package from HSBC UK.
The plant will create 30 new full-time jobs for the area and an additional 20 part-time jobs, all to support the operational needs of the plant.
Ward Recycling has successfully operated a glass and plastic recycling plant in Teesside since 2002, and this new paper recycling facility will use waste paper products to make high quality recycled paper.
It was announced earlier this year that there were plans to create the site.
Michael Ward, owner of Ward Recycling, said: “We noticed a real gap in the market for a high calibre paper recycling facility so, after many years of success with our glass and plastic recycling plant, we felt like it was the right time to grow our business in a new area.
"HSBC UK has always been very supportive of our ambitions to grow our business and we’re really pleased to have their support with this next step.”
Gordon Forster, area director at HSBC UK in the North East, said: “Michael has been looking at how best to serve the area’s recycling needs for many years and we’re thrilled to support what is a clear next step for Ward Recycling.
"It’s great that the business is creating jobs for the local economy and providing the North East with a new option for their recycling in doing so.”
Hartlepool Borough Council’s planning committee approved plans for the facility on land adjacent to Windermere Road in the town earlier this year.
The site will operate 20 hours per day, five days per week and have 80 traffic movements per day, but is not expected to operate on weekends.
The sole purpose of the plant would be to remove packaging board and contaminants from de-ink fibre.
The project is backed with a 10-year contract to supply a firm elsewhere in the country with up to 150,000 tonnes per annum.
The plant will softly open through December with a grand opening at the start of January, at which point the public will be able to use the new paper recycling services in Hartlepool.
Ward Recycling was advised by Ben Foster, relationship director at HSBC UK’s corporate banking centre in the North East.