Both the cost of researching and developing the new unit and the current investment, which will create nine jobs, have been supported by Invest Northern Ireland, with part funding by the European Regional Development Fund.
The Plumbridge company has already achieved export sales for the semi-mobile waste recovery unit, designed for the recycling sector. With unique separating capability it can be used either standalone or with other high volume recycling equipment and is the first of its kind.
Nishi Ward, founder and Managing Director of Waste Systems, said: "The MaxXtract is a cost-effective unit with high level functionality and is already proving popular with customers. We have recently completed installation of the unit for a French customer and with worldwide patent protection in place we are confident of achieving our target of annual sales growth of 50% over the next two years.
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"Invest NI's R&D support was essential in helping me develop the unit. Their ongoing support for growing the business will help ensure that we can take advantage of opportunities arising from EU legislative requirements governing reduction of waste to landfill and sustainable construction."
Waste Systems is planning to recruit a production manager, a designer, an administrator, a sales person and five production operatives. It will also implement an extensive marketing programme targeting Great Britain, France, the Republic of Ireland and the USA.
Carol Keery, Director of Invest NI's Innovation, Research and Technology division, said: "Waste Systems has identified an opportunity in the growing global market for efficient waste management systems and has acted quickly to develop a product with unique selling points, which has already achieved success.
"This significant investment in staff and marketing activity will now allow the company to build its presence and achieve its ambitious sales targets, particularly in export markets."
Nishi Ward is currently taking part in Invest NI's Propel programme, which provides support to entrepreneurs who have the greatest potential to start-up and scale an export focused company, that is innovative and has the potential to become a significant exporter and employer.
The Programme aims to fast-track the best ideas through a tested methodology and also provides an opportunity for the entrepreneur to seek investment within the business.
(GK/BMcC)
