Kedco raises almost €1.6m

Cork-headquartered alternative energy specialist Kedco has raised nearly €1.6m in fresh funding — from new and existing investors — to meet working capital needs and aid development of flagship projects.

The AIM-listed “waste- to-energy” firm has entered into a rolling, monthly working capital facility with one of its chief shareholders — Farmer Business Developments plc, which owns 26.79% of the business — which is capped at €500,000. This facility has no maturity date, but is repayable on demand. Any draw-downs made will accrue interest at a rate of 5% per year.

Furthermore, €215,000 has been raised, in loan notes, by Kedco’s wholly- owned subsidiary, Reforce Energy Ltd to fund development costs on wind turbine projects.