LONDON, England – Water and wastewater company Hydro International has been acquired by fellow Irish agri-tech business BHSL for what is understood to be in excess of €5 million.
As part of the deal, Hydro will be merged with BHSL which specialises in converting poultry manure into fuel for agricultural energy-generation, to create a BHSL-Hydro division.
The Hydro deal is the first step by the company to expand the range of applications for its fluidised bed combustion (FBC) technology.
The acquisition follows the closing of a €7 million new round of equity from the Irish firm, in total raising a total of €12 million over the last 12 months for expansion.
Declan O’Connor, managing director at BHSL, reportedly said: “Hydro International is an excellent fit for BHSL and the acquisition supports our strategy to expand into a broader environmental solutions business, focused on extracting value from waste products.”
Earlier this month BHSL was shortlisted for the Irish Times Innovation awards.