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Somerset-based green energy company Mishergas has launched a new crowdfunding campaign as it looks to bring forward plans to develop plants to generate electricity from waste tyres.

The company successfully pitched for investment last year through the Seedrs platform, surpassing its original £60,000 target and overfunding to more than £75,000.

It has now returned to the platform, seeking £300,000 with a 9.63 per cent equity stake offered to investors. The funds will be used to take the development to financial close.

Castle Cary-based Mishergas has developed a system that generates green energy from waste tyres through a process known as pyrolysis. Its planned five-acre site would be able to generate 8MW of electricity, enough to power about 15,000 homes.

The company aims to process 40,000 tonnes of waste car and lorry tyres per year, about 10 per cent of the UK’s annual 50 million waste tyres.