Greetings - it’s good to be back, and I hope you had an opportunity to recharge and renew during another refreshingly mild and damp summer 🌦️🌦️🌦️
Unsurprisingly, there’s a pile of news items to get through which has been building up while the newsletter was on hiatus. I will, however, take a moment to share an important update. We’re delighted to announce that Bord na Móna has re-appointed our team at Resolve Partners to deliver the award-winning Accelerate Green programmes, and we’re on the hunt for the next two cohorts. There are two opportunities available for you to participate: we have Accelerate Green Start, which is ideal if you’re an early-stage business, engaged with first customers or seeking investment opportunities; there’s also Accelerate Green Grow, if you’re a funded start-up, a scale-up, or an SME looking to expand into the green economy.
Is it the best use of your time if you want your business to make an impact on our climate and biodiversity challenges? Yes.
Is it also great craic? Obviously?
Don’t just take my word for it, though - the Business Post recently included 7 of the Accelerate Green portfolio companies in their 2024 “Hot 100 Start-Ups" list, which is a well-deserved accolade for these founders and their leadership teams.
Applications are open for AG Start until Sept 19th, and for AG Grow until November 22nd — hit me up if you’ve any questions 💚
Here’s the news roundup for Issue 74:
Let’s start with a positive development regarding our maritime infrastructure, with the news that the European Investment Bank will operate in a new “advisory coordination” capacity to support the Irish Government’s goal of securing the finance necessary to develop the capability of Irish ports to service the offshore renewable sector. (And, in case you were in any doubt, there’s a neat summary of the challenges facing Irish ports from Prof. James Carton here.)
OceanEnergy, the Cork-based developer of wave energy devices, have secured €19.6M in funding from the EU Horizon Europe Programme for the WEDUSEA project, which hopes to demonstrate the grid-scale viability of a wave energy array.
The Irish ports might be somewhat stalled in terms of the major redevelopment projects required, but they’re not all sitting back on their heels: Shannon Foynes Port has announced a plan to expand an existing jetty and add storage facilities, as it makes progress in upgrading its landing and transport capabilities.
Belfast-based Artemis Technologies have inked an agreement with the Brabo Group, a provider of pilot and port services at the Port of Antwerp, which will see Artemis introduce their electric foiling pilot boat at the port. Clearly the Artemis vessels are useful for more than bringing doomed political leaders on jaunts around Belfast Harbour…
Abandon ship, etc… A slight detour away from renewable technologies, but staying in the marine space, a former smuggler ship, the MV Shingle, is to be sunk this weekend (weather permitting, which is a very funny thing to say about a sinking) in Killala Bay. It is hoped that by transforming the ship into Ireland’s first artificial reef, it can play a part in boosting the local marine ecology, as well as creating a new recreational dive site.
I’ll close off this marine and maritime section with an upcoming event: MIIN (Marine Ireland Industry Network) host a networking and seminar session exploring “Blue Bioeconomy Perspectives”; the event will take place in Westport, on October 3rd and 4th.
Back to terra firma: Eirgrid have published the results of the RESS4 auction, with 1.3GW in new power projects deemed successful: amongst them is the Barryscourt Solar project, which is being developed with the support of Voltclub, another winner from the Accelerate Green community.
Lots of activity happening over at Greencoat Renewables; first, back in August, we had word of the purchase of 50% of a solar farm in Meath (the other 50% was picked up by Schroders Greencoat); then, news came that Greencoat Renewables were looking to offload five of their wholly-owned wind farms in Ireland, representing about 150MW of operational capacity; then, just this morning (breaking news!), an update that the company will engage in a buyback and cancellation of a chunk of shares on Euronext Dublin. Interesting times, indeed…
Another wind farm changing hands: Ballycadden Wind Farm, in Wexford, has been acquired by Rabbalshede Kraft, marking the company’s first renewable energy deal outside of the Nordics.
Energia Group have opened their 16th Irish wind farm, in Co. Monaghan, and it’s the first project to go live as part of their partnership with Microsoft Ireland which will see the development of a portfolio of 900MW of renewable assets in Ireland.
While it might be some time yet before FuturEnergy Ireland see the proposed Knockshanvo Wind Farm project operational, as there’s been some considerable local opposition to the 65MW project, which has led to Clare County Council writing to the Government to request that all proposed windfarms are suspended until new guidelines on wind energy development are published.
There’s better luck for BayWa, who have announced they’ve received the all clear to proceed with a new 60MW solar development at Springmount, in Co. Tipperary.
Tipperary County Council are on a solar roll, as they’ve also cleared the way for Renewable Energy Systems Ltd to begin construction on a new solar project, to be located on 88.5ha of land near Nenagh.
Final piece of energy infrastructure news, and the Greenlink Interconnector linking Ireland and Great Britain has been completed. The project, developed by the Partners Group (no, really, that’s their name), will allow for two-way, high-voltage energy distribution, as well as a new subsea fibre optic connection between Pembrokeshire in Wales, and the whimsical sounding Baginbun Beach, in Co. Wexford.
Moving on to some funding and M&A updates: first, two items related to AMCS, the Limerick-based provider of waste and resource management solutions. In the span of two weeks, AMCS announced that EQT Private Equity have acquired a majority stake in the business, with CEO Jimmy Martin and the management team to remain in place. Second, AMCS continue with their acquisition journey, announcing that they have completed the purchase of Qv21 Technologies, an Austin, Texas based provider of fleet-management software for short-haul bulk-commodity transportation.
Next, Glanua, the Galway HQ’d water and wastewater engineering company, announced that they have acquired Aqua Operations, a UK-based provider of operations and maintenance services for large industrial operators.
Another Irish company with plans for UK expansion is Origin Enterprises, the agri-services wing of agri-food giant Aryzta. Origin announced that they have acquired two UK specialist ecological consultancies: Avian Ecology, and Bowland Ecology.
Private equity firm Waterland continues snapping up Irish service providers as it seeks to establish a national decarbonisation services provider: the latest target is EnviroBead, the Mallow-based provider of insulation and heat pump solutions.
And, as that well-known saying goes, “anything Waterland can do, Cordovan Capital Management can do just as well”, as the Belfast-based private equity group also acquired an insulation installation provider, BlueBuild, the Newtownards HQ’d group.
Kyte Powertech, the Cavan-based manufacturer of distribution transformer technology, have been acquired by R&S Group, a Swiss-HQ’d provider of power and distribution transformers. The Kyte management team will stay in place, while Irish private equity firm MML Capital have exited their stake in the business - not a bad turnaround from their initial investment in 2020.
In funding news, ePower, the Irish company delivering EV charging facilities and solar solutions, have secured €16M in new capital from existing and new investors.
This item dates from right back at the end of July, but it’s a significant piece of research funding so it’s still worth a mention, as SFI announced the first nine projects to receive €4.5M in grant supports under the 2050 Challenge and Future Digital Challenge programmes.
Back in Issue 72, I featured an update about the ESB’s new hydrogen fuel cell demonstrator; looks like datacentre provider Equinix is one of the first trial partners in Ireland to access the solution.
Rethink Ireland are seeking applications for the Resilient Cork Fund, which will support social enterprises operating in Cork who are tackling inequalities, fostering mental resilience, and promoting social inclusion. Application closing date is September 27th.
And staying with social enterprises, SERI (Social Enterprise Republic of Ireland) have launched their new Discovery Programme, a capability-building initiative designed to increase the financial sustainability of participating organisations.
I’ll close as usual with a few suggested events, conferences, and webinars worth taking a look at: first, Hometree are running a series of free webinars through the Autumn, looking at a range of topics relating to woodland creation, management, and restoration; next, ShapingBio will host an in-person event on October 16th to explore the funding gap facing circular bioeconomy innovators; meanwhile, on September 26th, the Sustainable Life School will hold an event that will “put the micro festival vibes in the Sustainable Development Goals”, as part of National Sustainable Development Goals (SDG) Week; and, finally, B Lab Ireland continue their national roadshow, bringing the gospel of “business for impact” to the Wild Atlantic Way - this event is hosted by the Armada Hotel, in Spanish Point, who were Ireland’s first hotel certified as a B Corp, and there’s a fantastic line-up of speakers, as well as opportunities for yoga and sea swims on one of the nicest beaches Co. Clare has to offer! Win 😊