€750,000 funding for renewables company
A Meath-based renewables firm has secured €750,000 from a business expansion scheme to finance investment in its waste-disposal technology.
Harp Renewables received funding from the Davy EII Tax Relief Fund, which is managed by BES Management, a joint venture between Davy and BDO.
The Employment Investment Incentive (EII) scheme, which replaced the Business Expansion Scheme (BES) in 2011, enables investors to obtain income tax relief on investments of up to €150,000 in qualifying companies.
Established in 2013, Harp Renewables designs, manufactures and installs aerobic and anaerobic digesters which are used in sewage treatment. The Kentstown firm provides products and services to companies that produce large volumes of organic or agricultural waste and are seeking to reduce their waste disposal and energy costs.
Harp Renewables has identified growth opportunities in the waste recycling space and EII funding will assist with this.
Company founder Shane Finnegan says he has set his sights on the international export market but remains committed to job creation in Ireland and supporting indigenous suppliers. "This is a fundamental part of the culture of our business," he said.
In total, more than 1,500 investors poured €74.1m into businesses qualifying for the EII scheme last year. Figures from Revenue reveal the scheme, which gives investors a 40pc tax break, was used by 280 SMEs in 2015 - the largest number since EII replaced the BES in 2011.
Sunday Indo Business