The Bank of Ireland Kernel Capital Growth Fund (NI) has led a £2m investment in Belfast-based Silform Technologies, in syndication with private investors..
There are billions of tonnes of coal waste around the world today, causing environmental problems and giving rise to significant ongoing costs to mining operators and government agencies.
Silform have developed a unique environmentally clean, high volume, low cost pelletizing system for the conversion of coal waste deposits into pellets which have economic value. The company is currently developing a metallurgical coal pellet for use in the steel industry and the production of an enhanced BioCoal, being 30% less CO2 than coal but with a 70% increase in the quantity of heat produced compared to pure wood Biomass pellets.
This funding will be used to establish a pilot plant in Northern Ireland and scale the R&D team in collaboration with their commercial partners to enhance the solution to broader applications.
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15m of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.
‘Kernel Capital is pleased to continue its support of Silform Technologies by leading this investment round. Following on from our initial investment, the Company has successfully developed and patented innovative technology that has the potential to deliver significant environmental and economic returns. This investment will enable the company to establish a pilot plant in conjunction with its commercial partners.’
Allen Martin, Partner, Kernel Capital
‘With the continued support of our investors we have successfully developed the patented FuelForm energy changeover technology, the precursor to our future MetaForm and BioForm range, and with the completion of our pilot plant we are poised to move to the next stage in commercialising our products.’
Ken Flockhart, CEO, Silform Technologies
‘This investment round will be a vital next step in the commercialisation of Silform Technologies’ innovative fuel products and solutions. The establishment of the pilot plant locally in Northern Ireland has massive potential to deliver a positive global environmental impact and transform industrial fuel usage and waste.’
Paul McClurg, Head of Business Banking Belfast, Bank of Ireland UK
Significant private investment has also come from Silform Technologies Chairman, Mervyn McCall who said:
‘Having worked with Ken and Silform Technologies for the last three years, I see the significant impact this technology could have not just locally, but also on a global scale across a number of industries, and indeed the environment. This funding marks a major milestone for the company which can now look to developing the technology further and enhancing the solution for specific markets.’
For further information please contact:
Dawn Walsh, Kernel Capital.
+353 21 4928974