People receive their news from many sources these days – papers, television, web, mobiles. And now, rubbish bins.

Renew, a company co-founded in 2002 by chief executive Kaveh Memari, has developed a newspaper recycling bin which doubles as an open-air information screen. It has placed nearly 100 of the hi-tech bins around the City of London under a 21-year contract with the authority.

The bins – or techno-pods as Memari refers to them – are made of damage-resistent fibreglass with screens at either end which can relay anything from news to advertisements to information on London underground delays or the number of Boris bikes available in the vicinity. A team of journalists provide the news feed, with other content coming from magazines such as the Economist and Time Out. A group of software developers – what Memari calls the Geek Squad – operate from Athens.

The initial impetus for the bins came from the City of London authorities, with the capital littered with discarded free newspapers and Brussels putting pressure on for it missing recycling targets. Memari said: "We de-risked it for the City, they don't pay for the service and the only risk for them is reputational [if things go wrong]."

The company had hoped to have 100 pods – 200 screens – in place by the time of the Olympics, but that target slipped and was finally reached in November. But with the City getting the service for free, how does Renew propose to make money? Memari talks of several revenue streams: advertising, finding a major company to sponsor the pods, attracting publishers, talking to film studios, and even telecoms companies about using its wired connections to carry data services or conversations.

"We have killed the idea it's a grotty place for [advertisers and publishers] to put their messages. We are also talking to seven major film studios and they are very interested in the possibilities."

He believes studios could film special scenes to be shown on the screens, linked to major movies in what is effectively a viral marketing campaign.

The pods can also be used for emergency messages, with one recent test showing an alert reaching the system just three minutes after being received at the control room.

Now the pods are in place Renew has begun its real push to advertisers and media, with marketing campaigns under way for a number of businesses including CNBC, Qatari Islamic Bank, and Wallpaper, as well as a couple of charities which have been given free or heavily discounted airtime.

Renew has raised £4m in total from investors so far, mainly high net-worth individuals including one Premier League and England footballer. It has run up £3m of debt, but received financing to help with the rollout of the pods from the Qatari Investment Authority.

"We went to all the high street banks, but nothing," said Memari. "Perhaps they thought the risk was too great. The Qataris looked at it as a real estate investment, much the same way they looked at the Shard and Harrods."

It will need further funds as it expands overseas. It has one pod situated near Wall Street in New York, is looking at a trial of 100 units in the City, and may need to raise another £5m if this succeeds. Singapore and Tokyo are also in Memari's sights.