Kernel Capital has invested €1.2m in Waste Systems, a designer and manufacturer of advanced waste management systems based in Co Tyrone.
Waste Systems has developed a suite of machinery that separates out difficult waste materials, enabling high levels of waste segregation in one mobile machine. The equipment helps to generate materials of commercial value, allowing companies reduce landfill costs and derive revenue streams from recovered materials.
Waste Systems exports to Europe and North America and employs a team of 20. Earlier this year, it concluded a distribution agreement with UK distributor EPS and is working on a similar agreement with a leading US distributor.
The company said that the €1.2m investment will be used to support this international sales growth and enable Waste Systems to boost its traction in key markets. In the 12 months to May 2015, Waste Systems saw its accumulated profit reserves grow by 56% to €688,000. It finished FY2015 with net worth of €984,000.
Allen Martin, Senior Investment Executive at Kernel Capital, said: “Kernel Capital is pleased to invest in a high value, innovative company such as Waste Systems who are exporting on a global scale. Nishi Ward, the company’s founder, recognised emerging trends within the waste sector and has developed a suite of novel products that align with the growing legislative backdrop that is focused on the recycling of waste materials. We are impressed with the milestones that Nishi and his team have met in a short period of time.”
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CEO Nishi Ward commented: “The demand for innovation across the waste recovery sector, which is being driven by legislative changes and the increasing cost of landfill tax in the UK for unsegregated waste, has positioned us as a key player within this global market.
“This investment from Kernel Capital will enable us to create further employment in Northern Ireland and to grow and scale our company, as we enter new markets and increase our global sales.”
Kernel Capital manages Bank of Ireland’s Kernel Capital Venture Funds, comprising €196m in funds raised through six separate venture capital funds. These are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund.
Photo (left to right): Allen Martin, Nishi Ward, William McCulla of Invest NI and Andy Palmer of Bank of Ireland UK
