Angel funding for new waste management company
Regulatory authorities are already excited about this new process which also answers many environmental concerns. Inventor Yuriy Zadyraka has been working on this project for a number of years and the cash funding will mean that a full production machine can now be manufactured. This unit is scheduled to be tried and tested at an abattoir in Scotland later this year, with full commercial production anticipated to start in six to nine months.
Yuriy Zadyraka of AMT comments, "We are delighted to be working with HVC and have greatly appreciated the straight forward manner in which they have approached this deal. In particular we welcome the additions to the company's new Board. The investors have brought in HVC's Gregor Munro and David Mason as Chairman and Director respectively with Douglas Armstrong, who has considerable knowledge about technology-based business start-ups in the agricultural and food sector as Managing Director.
Iain Scott, Chairman of HVC, says, "We have been working with Douglas and Yuriy for over six months to develop the strategy, plans and funding structures for AMT. It is very pleasing to have this deal as our first"
Neil Ross, head of investment funds for Scottish Enterprise, comments, "As Scotland's enterprise, innovation and investment agency supporting business growth and developing the business environment, we have a major role to play in helping to increase Scotland's investment activity.
"Access to investment is extremely important for young, dynamic Scottish companies, like Advanced Microwave Technologies Ltd, to accelerate its growth and expansion. Through the Scottish Co-investment Fund and our partners such as Highland Venture Capital we can help make this happen."
Formed just over 12 months ago, Inverness-based Highland Venture Capital now has in excess of 30 members, with the majority based in the Highlands. Iain Scott, HVC's Chairman, has seen the number grow rapidly. HVC members have already invested significant sums into companies in co-operation with other Scottish business angel groups.
The Scottish Co-investment Fund has recently been awarded £32 million, to be invested over the next seven years, through European Structural Funding. This funding, matched with £40 million from Scottish Enterprise, will mean young, cutting edge Scottish companies can access a £72 million equity investment fund for their development and growth.
HVC's legal advisors Innes & Mackay Limited's Director of Corporate and Commercial, Calum I Duncan, led the investment to legal completion. He states, "We are very pleased to have completed this deal for HVC and the Scottish Co-investment Fund. It is significant both for HVC investors and for the Highland region generally that HVC has partnered with the Scottish Co-Investment Fund in this deal and we hope that future HVC investments will benefit from a similar approach."
For further press information on Highland Venture Capital, please contact:
Iain Scott, Hoghland Ventuire Capital
Tel: 01 463 712588
Mobile: 07802805873
Email: iain@highvc.co.uk
For further press information on Advanced Microwave Technologies Ltd, please contact:
Douglas Armstrong,
Advanced Microwave Technologies
Mobile 07836741826
Email: dougiearmstrong@aol.com
About Highland Venture Capital
Highland Venture Capital ltd is a group of over 30 , mostly Highland based, business angels. Our preference is to invest in Highland based companies whose products and services are sold outside the Highlands andv Isalnds. Further information onn the Group can be found at www.highvc.co.uk.
Prior to this deal HVC have invested in 4 companies alongside other Angel groups. This investment takes the total investment brought in by HVC members to £1.15 million.
About Advanced Microwave Technologies Ltd
Advanced Microwave Technologies Ltd was established in 2007 to take to production equipment developed by Yuriy Zadyraka and his colleagues for the treatment of problematic liquid and gaseous wastes produced by industry.
Following this investment the focus will be on the manufacture of a machine which will located at an abattoir to treat the blood waste produced.
Not only does this allow the industry to benefit directly from the cost savings it greatly reduces lorry movements and provides a safe auditable solution.
The technology does have other applications and has been successfully used to remove difficult pollutants from other heavily contaminated lquids and gases.
About the Scottish Co-investment Fund
The Scottish Co-investment Fund (SCF) is a £72 million equity investment fund established by Scottish Enterprise, and partly funded by the European Regional Development Fund (ERDF), to invest from £100,000 to £1 million in company finance deals of up to £2 million.
Unlike a standard Venture Capital (VC) Fund or a business angel, the SCF does not find and negotiate investment deals on its own, instead it forms contractual partnerships with active VC fund managers, business angels and business angel syndicates from the private sector.
The private sector partner finds the opportunity, negotiates the terms of the deal and offers to invest its own equity cash. If the opportunity needs more money than the partner can provide, it can call on SCF to co-invest alongside on equal terms. The partner determines how much the SCF can invest in any new deal, however, the SCF cannot invest more than the private sector.