Record 40 million euros, the EIB is backing enhances research in Agritech firm devenish

  • Record 40 million euros, the EIB is backing enhances research in Agritech firm devenish
    Independent.t. E.
    Belfast-based agri-technology firm has made €118m in long-term financing to allow him to continue his studies, development plans and growth.
    https://www.independent.ie/business/irish/record-40m-eib-backing-boosts-research-at-agritech-firm-devenish-37193726.html
    https://www.independent.ie/business/article37193725.ece/762b2/AUTOCROP/h342/2018-08-08_bus_43101437_I1.JPG

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Belfast-based agri-technology firm has made €118m in long-term financing to allow him to continue his studies, development plans and growth.

In a large refinancing deal for the supply of data that will be possible thanks to the innovative investment of 40 million euros from the European investment Bank (EIB), which, in combination with commitments from new financial commercial partners of the company, Ulster Bank and Danske Bank.

The EIB investment is the largest in the world support for agro-business on the island of Ireland the EIB, as well as the first support for the agribusiness sector in the country as part of the investment plan for Europe which the European Commission and the EIB are strategic partners.

Investment has been described as “a major financial impetus to the” Director General date nutrition Richard Kennedy.

The EIB loan will allow date to develop a purpose-the global innovation center in dowth, County Meath, from which it will develop and demonstrate her health – from the soil to the study of society, development programs and innovation activities.

It will also Finance innovative capital projects and studies to optimize animal nutrition innovation food, health and sustainability. “The EIB funds will be part of a major investment in the development of date of research, development and innovation capacity throughout Ireland and the UK,” said Mr. Kennedy.

“A significant amount of these investments will focus on the development of performance homes and sustainable production systems in Ireland and the UK, including Northern Ireland.”

Date ambitious long term growth plans.

By 2021, it aims to increase turnover by more than 100 million pounds to £315m and add more than 100 jobs to its current 450-strong employee base.

“This major financial boost marks the most important milestone to date as we try to realize our vision to become a leading global provider of integrated animal solutions to human health and the environment,” Mr. Kennedy added.

“These funds will be invested in the business to build and grow our research and development and manufacturing capabilities, and to facilitate our efforts to unite and takeover.”

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