An investment of €5.25million has been secured by an Irish waste technology company that provides turnkey pay-as-you-throw systems. AMCS, a Limerick-based waste and recycling technology firm, will use the funding to expand its operations in Ireland and internationally.
Chief executive officer Jimmy Martin said: We currently employ 50 highly skilled engineers and technologists in Limerick and the investment will see an increase in our overall workforce to more than 100 people by 2010. This gives us the capital base to execute our business plan and will enable us to enter new overseas markets and further develop our product range.
In 2008, 28 per cent of our turnover came from export markets across Europe and the US. Aided by this investment we expect that figure to increase to 68 per cent this year."
The company produces an end-to-end software and hardware turnkey system for the delivery of weighing and identification of waste. It also enables users to manage variable weight-related charging and incentives.
Funding has been provided by the UK-based cleantech fund, WHEB Ventures, which led the funding round, and the Ulster Bank Diageo Venture Fund, managed by NCB Ventures in Dublin.
NCB Ventures managing partner Michael Murphy 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."