Waste Systems, a Tyrone-based manufacturer of advanced waste management systems, has raised €1.2m in investment from the Bank of Ireland Kernel Capital Growth Fund.
Waste Systems has developed a suite of mobile machinery that separates out difficult waste materials.
The machinery helps to generate materials of commercial value, allowing companies to reduce landfill costs and secure revenue streams from valuable recovered materials.
The company has generated sales of £6.5m and has a team of 20, focused on exporting across Europe and North America.
This investment will be used to support the company’s international sales growth.
“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,” said founder and CEO Nishi Ward.
“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.”
Allen Martin from Kernel Capital said that Ward recognised the emerging trends within the waste sector and developed a suite of novel products that align with the growing legislative backdrop, which 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,” Martin said.