The Irish company behind a process which converts poultry manure into on-farm fuel for energy has announced plans to raise the equivalent of at least £6.25 million of new equity to support the global expansion of the system.
The Co. Limerick-based business, BHSL, which says that a €2.5m (£2.25m) investment in its technology by a typical broiler farm (with say 380,000 birds per flock), can yield savings of €830,000 a year (£740,000/yr) over heating with traditional fossil fuels, already has two units operating commercially in the UK and a trial project underway in the US.
The plan now, however, is to take the development to poultry farmers in a range of other export markets, including New Zealand, Poland, Germany, Holland, Italy and Saudi Arabia.
BHSL also believes its US pilot project, which is based in the State of Maryland, could be the gateway to a US market worth over €500m (£445m).
In addition to its equity plan, the company has also announced the appointment of former Kerry Group CEO, Denis Brosnan, as its new chairman, describing him as “one of the most respected names in the Irish agri-business sector”.
“I am hugely impressed by the BHSL team and believe they have a unique technology that has the potential to transform the global poultry industry,” said Mr Brosnan. “We are very confident of attracting interest from investors who will see the global scale of this market opportunity.”
Headline image shows Mr Brosnan (far left) during a tour of the company’s facility in Kantoher, Co Limerick.