Irish Recycling Equipment Services Provider Receives Equity Funding

AMCS, an Irish provider of technology solutions to the waste and recycling industry, will expand its operations after raising €5.25 million (US$6.75 million) of equity funding. The funding is being provided by WHEB Ventures, a UK-based clean tech fund, as well as the Ulster Bank Diageo Venture Fund.

Jimmy Martin, AMCS’s CEO, 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, 28 percent of our turnover came from export markets across Europe and the US. Aided by this investment we expect that figure to increase to 68 percent this year," said Martin.

The company has developed a complete end-to-end software and hardware turnkey system for delivering weighing and identification solutions to the waste and recycling industry to facilitate variable weight-related charging and incentives.

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."