Kernel Capital invests €1.2m in NI waste machinery business
Waste Systems has international market for equipment that segregates recyclables
Nishi Ward, founder of Waste Systems (second left), Allen Martin, senior executive, Kernel Capital, William McCulla, Invest NI corporate finance director, and Andy Palmer, customer service manager, Bank of Ireland UK
Waste Systems makes specialist machinery that separates difficult to recycle materials within the one machine, allowing operators to maximise the commercial value of recycled waste
Established in 2009 by Nishi Ward, the Omagh company, which employs 20 people, has cumulative sales of €7.7 million and its profit and loss account has expanded by £205,000 (€244,500) in 2015, the most recent year for which figures have been filed.
It exports its machines across Europe and to North America, and secured a major distribution agreement earlier this year with British group EPS.
The Kernel investment will be used to underpin the company’s growth in international sales.
Key player“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 Mr 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.”
Kernel said it was pleased to invest in what it said was a high-value and innovative company. Kernel senior investment executive Allen Martin praised Mr Ward’s vision in recognising emerging trends in the waste sector and producing a suite of machines to address the challenges they raise in maximising recycling.