Leading Irish agri-tech business secures €118 in funding from European Investment Bank
Belfast-based agri technology company Devenish Nutrition has secured €118 million in long-term funding from the European Investment Bank (EIB) to enable its research, development and growth plans.
The EIB investment is the largest ever support for agri-business in Ireland by the EIB. It is also the first support for the agri-business sector in the country under the Investment Plan for Europe, in which the European Commission and EIB are strategic partners.
The EIB investment has been combined with commitments from Devenish’s new commercial finance partners, Ulster Bank and Danske Bank.
The EIB loan will enable Devenish to develop a purpose-built Global Innovation Centre in Dowth, Co Meath, from where it will develop and showcase its ‘One Health – from Soil to Society’ research, development and innovation programme.
It will also fund innovation related capital projects and research into optimised animal nutrition, food innovation, health and sustainability.
By 2021 Devenish aims to increase turnover by over £100m to circa £315m and add over 100 new jobs to its current 450-strong international employee base. The dual support from Ulster Bank and Danske Bank will fuel this growth.
Richard Kennedy, Group CEO of Devenish said:”“This funding will be invested in the business to build and grow our research & development and manufacturing capabilities as well as facilitate our mergers and acquisitions activity.
“We take great pride that EIB have the confidence to support not just the future of Devenish, but the future of the Irish agri food sector overall.
“Development of new animal nutrition products and research into improving soil health, animal health, human health and environmental sustainability are crucial components for the success of agriculture and food production across the world," said Mr Kennedy.
EU Agriculture Commissioner Phil Hogan added that the announcement is welcome as it "comes at a time of some uncertainty for the Irish agri-business sector".
“The EIB's investment is an obvious statement of confidence in Devenish's ambition, but it is also a very tangible vote of confidence in Irish agri-business and its potential to benefit from new and emerging global opportunities, particularly given the important emphasis that Devenish places on sustainability,” said the Commissioner.