Euro 5.25m equity for Irish recycling tech firm
A Limerick-based recycling technology firm has raised Euro 5.25m in equity funding to support its international expansion and product development.AMCS developed a piece of software to support pay-as-you-throw technology, which is due to become a global standard for reducing the amount of waste going to landfill.
The new funding will allow the firm to hire up to 50 new staff, including engineers and technologists, increasing the workforce to over 100 people by 2010.
Jimmy Martin, chief executive officer of AMCS, said that the investment "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, 28% of our turnover came from export markets across Europe and the US. Aided by this investment we expect that figure to increase to 68% this year," he added.
The funding is being supplied by UK cleantech fund WHEB Ventures and the Ulster Bank of Diageo Venture Fund.
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