Kernel Capital leads £2m round for Silform

Kernel invested via the Bank of Ireland Kernel Capital Growth Fund (NI). The vehicle, which targets Northern Irish businesses, is part-financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.

Silform chair Mervyn McCall – who became involved with the business three years ago – also invested as part of the round.

Kernel had previously invested in Silform in its early stages in 2015. The business will now look to establish a pilot plant in Northern Ireland and scale its R&D team, with a view to commercialising its products.

Company
Founded in 2009, Belfast-based Silform is developing a system for the conversion of coal waste deposits into pellets that can then be used as bio-fuel. It claims that its BioCoal produces 30% less CO2 than coal, but with a 70% increase in the quantity of heat produced compared to pure-wood biomass pellets.

It currently employs 10 staff.

People
Kernel Capital – Allen Martin (partner).

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