Irish agtech company BHSL, a specialist in converting poultry manure into fuel, has closed a €7 million ($7.9m) funding round and immediately announced a major business acquisition.
The company’s latest round of funding, which attracted investment from a group of high net worth individuals, follows a €5m round completed last autumn.
BHSL has developed a patent-protected system to convert poultry manure into a fuel on the farm for energy. The company says its technology is transforming poultry production by turning a cost center — dealing with waste manure — into a source of fuel, thereby driving farm profitability through reduced energy bills. The founders are currently up for the EY Entrepreneur of the Year Award in Ireland.
County Limerick-based BHSL stated that it is now actively seeking further acquisitions in the waste processing sector after acquiring Hydro International, a wastewater and effluent treatment company, for an undisclosed sum.
The existing operations and 25 staff of Hydro International will be merged with BHSL under a new BHSL-Hydro division.
AgFunder Co-Investment Fund III is now open for investment. Closing June 15, Spots are limited.
Hydro International’s blue chip customers including Smurfit Kappa, ABP Food Group, Kerry Group, Irish Water and Coca Cola. The company specializes in designing and implementing wastewater purification and effluent treatment systems for applications relating to food production, dairy processing, abattoirs, paper production and pharmaceuticals.
“Hydro International is an excellent fit for BHSL,” said Declan O’Connor, BHSL managing director. “The acquisition supports our strategy to expand into a broader environmental solutions business, focused on extracting value from waste products.
“Hydro provides a strong platform for targeting waste sectors given their impressive existing customer base. In addition, our very well supported fundraising process provides us with the financial resources to underpin our growth strategy, including through further acquisitions.”
PJ Finn, founder and managing director of Hydro International, said: “The combination with BHSL provides an excellent platform for us to take the business to the next level of growth. Hydro International has a track record of delivering and commissioning over 500 plants in our 21 years of business and we share BHSL’s commitment to technological innovation and exceptional customer service”
Hydro International was established in 1994.