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Tuesday 26 February, 2008


Investment in Hydrodec

Ludgate Environmental Fund Limited
26 February 2008

Ludgate Investment Update: 26.02.08

Ludgate Environmental Fund makes further investment into Hydrodec Group plc

Ludgate Environmental Fund invests £492,000 in Hydrodec

Ludgate Environmental Fund ('LEF' or the 'Fund'), a closed-ended investment
company listed on AIM has announced it has made a further investment of £492,000
in Ordinary Shares of Hydrodec Group plc ('Hydrodec'  or the 'Company'). The
Fund purchased 1,200,000 shares at a price of 41p per share. This follows an
earlier investment of £3 million in Hydrodec in November 2007, then through the
placing of unsecured convertible loan notes and an investment of £500,000 in
December 2007 in Ordinary Shares at a price of 20p per share. Following this new
investment, the Fund will hold 7.31% of the Company's share capital assuming
full conversion of all the convertible loan notes.

About Hydrodec

Hydrodec is listed on AIM - symbol 'HYR'

Hydrodec's technology is a patented sustainable oil refining process that takes
existing spent oil as feedstock to produce new specialty oils thus creating a
virtuous 'green' cycle. The process is closed loop and produces no harmful
emissions. It can indefinitely return 'as good as new' oil ('Superfine') to
utilities and transformer manufacturers (who supply the utilities) and at the
same time removes their lifetime stewardship liabilities for these harmful
substances. Hydrodec's first commercial process re-refines the used transformer
oils that insulate and cool utility transformer boxes. It currently has one
operating plant in Young, New South Wales in Australia, and is now expanding
into the USA with the construction of production plants in Canton, Ohio and
Laurel, Mississippi.

Ludgate Environmental Fund
Nick Pople / Nigel Meir                                   +44 (0)20 7621 5770

Media Enquiries:

Carbon International
David Hopkins                                             +44 (0)20 7483 7202

Samantha Hill                                             +44 (0)20 7483 7205


PricewaterhouseCoopers LLP
Melville Trimble                                          +44(0)20 7213 8898

About Ludgate Environmental Fund:

Ludgate Environmental Fund ('Ludgate Environmental' or the 'Fund') is a Jersey
domiciled closed-ended investment company, listed on AIM. The Fund was launched
in August 2007, raising £26.7 million at listing.

The Environmental/Cleantech sector is characterised by products and services
which optimise the use of natural resources while reducing environmental impact
in ways that enhance economic value. Opportunities include: energy efficiency
and alternative energy sources including renewable energy; water treatment and
management; waste management and resource recovery; industrial process advances;
and emission reduction technologies.

Ludgate Environmental has been launched to enable experienced and sophisticated
investors to participate in a diverse portfolio of investment holdings in
Environmental/Cleantech companies. Ludgate Environmental believes that there are
a number of key drivers of growth, both in terms of business and investment
activities, within this sector including:

  • increasing demand for, and decreasing supply of, natural resources;
  • rising concern over the economic costs of waste accumulation and
  • growing awareness of environmental issues amongst the public; and
  • environmental technology advances in recent years.

The Fund's Investment Adviser, Ludgate Investments Limited, has significant
experience and a successful track record of investing in and helping to build
companies within this sector.

                      This information is provided by RNS
            The company news service from the London Stock Exchange