Alternative energy firm links up with Agrikomp

CORK-based alternative energy company Kedco is set significantly to increase its presence in the British market by entering a joint venture with German power company, Agrikomp GmBH.

The new venture, to be called Agrikomp UK, will focus on generating renewable energy, in the form of electricity and heat, from recycled farm waste, specifically grass and slurry.

The company will have its headquarters in Cork, but will also have an office in Stoneleigh in Surrey and will initially employ six people in its first year of operation.

Its main focus will be on the British and Irish markets and 20 projects are already in the pipeline, due to the two companies working closely together over the past year. The majority of these are located in Britain and Northern Ireland.

Kedco’s management said they have a first-year revenue target in mind, but declined to disclose the figure. However, they said that there exists significant demand in the English midlands for the new service.

A full valuation of the new deal has not been disclosed, either, but the two companies have an equal share of the venture.

Commenting on the development, Kedco’s joint founder and chief executive, Donal Buckley, said: “We believe that the biomass clean-tech sector is currently at the same stage as the wind industry was five years ago. This represents an enormous opportunity for growth for both Kedco and Agrikomp in the UK and Irish markets. We believe that Agrikomp is the perfect partner to achieve success in this market.”

Mr Buckley, who jointly established Kedco in 2003, added that there are currently no plans to float Agrikomp UK on the AIM market in London, where Kedco is already listed.

Kedco has also welcomed Bord Gáis’s recent report highlighting Ireland’s opportunity to be a significant player in the area of renewable energy production from farm waste.