News
Limerick waste tech firm raises €5.25m
AMCS, a Limerick-based waste and recycling technology firm, is to expand its operations and hire up to 50 new staff after raising €5.25 million of equity funding, the company announced today.
The funding is being provided by UK-based cleantech fund, WHEB Ventures, which led the funding round, and the Ulster Bank Diageo Venture Fund, managed by NCB Ventures in Dublin.
Jimmy Martin, Chief Executive Officer of AMCS, says the investment will be used to finance the company's international expansion and to support new product development.
"This is very good news for AMCS. We currently employ 50 highly skilled engineers and technologists in Limerick and the new investment will see an increase in our overall workforce to over 100 people by 2010. This investment by WHEB Ventures and the Ulster Bank Diageo Venture Fund gives us the capital base to execute our business plan and will enable us to enter new overseas markets and to further develop our product range. In 2008, 28pc of our turnover came from export markets across Europe and the US. Aided by this investment we expect that figure to increase to 68pc this year," said Mr Martin.
Pay-as-you-throw technology, which has been used in Ireland for a number of years, is set to become a new global standard to reduce the amount of waste going to landfill and to encourage more recycling. AMCS has developed a complete end-to-end software and hardware turnkey system for the delivery of weighing and identification solutions to the waste and recycling industry to facilitate variable weight-related charging and incentives. AMCS's technology can also enhance the profitability of waste and recycling management operators through the optimisation of collection routes.
James McNaught-Davis, Managing Partner of WHEB Ventures, said: "We are delighted to support the international expansion of AMCS's world-leading integrated solution to the waste and recycling industry."
Michael Murphy, Managing Partner of NCB Ventures, said: "AMCS is exactly the type of company the Ulster Bank Diageo Venture Fund was established to support. The management team, led by Jimmy Martin and Austin Ryan, has proven entrepreneurial flair and is looking to expand, create jobs and internationalise their business."
