ReEnergy Group was set up in November 2004 to invest in sustainable energy, waste management and water treatment technology and services. It built up a portfolio of potential technologies but the only one that it made significant progress with was Estech Europe, which licensed a proven waste separation technology called Fibrecycle ReEnergy joined Aim on 30 December 2005. It raised £6.54m via a placing at 75p a share, valuing the whole company at £28m. In April 2006 it raised a further £12.75m at 30p a share. It needed the cash because Malta-based Boston Equities International failed to invest the cash it had committed to do.