Monday 29 May 2017

Brosnan joins Irish agri firm turning manure into energy

BHSL chairman Denis Brosnan
BHSL chairman Denis Brosnan
Michael Cogley

Michael Cogley

Irish agri-tech business BHSL has appointed former Kerry Group chief executive Denis Brosnan as its new chairman.

Mr Brosnan joins the company alongside four new additions.

Former ESB chief executive Padraig McManus, retired Supreme Court Judge Fidelma Macken, veteran corporate financier David Hickey, and Limerick businessman Tom Lynch have also joined BHSL's board as non-executive directors.

The firm, which has developed a system that turns poultry manure into fuel for energy generation, is also looking to raise at least €7m in new equity through a capital raise. Corporate finance firm Focus Consulting is to lead the round.

The Limerick-based business uses a patented-protected system to drive profitability through reduced energy bills.

The newly raised funds will be used to increase BHSL's sales presence globally as well as extending its research and development operation.

BHSL managing director Declan O'Connor said welcomed the company's new additions to the board.

"He brings decades of experience in the agri-business sector and will provide huge support as we enter a new growth phase for the business, and target new export markets.

"Padraig's deep expertise in the energy sector will be a valuable asset, as will David's corporate finance knowledge, and Fidelma's appreciation of the evolving legal and regulatory environment."

The firm's new chairman said he has been "hugely impressed" by the company's technology.

"We are very confident of attracting interest from investors who will see the global scale of this market opportunity.

"It is exciting to be involved in an innovative Irish agri-tech business, and I believe 2017 will be a transformational year for the business, given the sales pipeline we are seeing."

BHSL currently delivers its systems to farmers in both the UK and the US and is continuing to expand in Europe.

Irish Independent

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