Conor Ganly reports on a new Green business in Laois which has mult-million euro ambitions.
GIVEN its ‘Green’ and high tech credentials, Portlaoise-based company Cynar Recycling is just the type of company that Ireland’s recovery could be built on.
Not only that but the multi-million euro profit projected for the business is also evidence of the opportunity for Laois to get in ahead of the pack as a hub for green business.
Based in the Clonminham Business Park the Irish-owned company is at the cutting edge of the recycling business. Using the so-called thermofuel technology, the company converts a wide range of used mixed plastics into petrol and diesel which is sold on to fuel companies.
The technology liquifies the plastics, which would ordinarily go for landfill, into low sulphur hydrocarbon fuels which are less harmful to the environment than standard petrol or diesel. Everything from film wrap to plastic shopping bags can be recycled.
The company already employs 12 staff and there are ambitious plans to quadruple the workforce by 2015.
Apart from being the Irish base, the Portlaoise facility is envisaged as the international HQ from which Cynar would run its British and European operations.
A training centre for staff is in the works and Cynar also wants the Portlaoise facility to be the manufacturing centre for the recycling technology.
As for the recycling side of the business, Cynar has plans to install four more fuel recycling plants Portlaoise. The first plant will process up to 20 tonnes of waste plastics per day, producing up to 19,000 litres of fuel products.
By 2015, the company expects to be producing 6 million litres of fuel in Portlaoise annually.
But it is abroad where the big ambitions lay. Cynar’s plans for the UK and Europe would mean a landfill diversion of 570,000 tonnes per annum and a production of 57 million litres of synthetic fuels.
As for the bottom line, a profile of the company in an Enterprise Ireland promotion package spells out the hard-nosed business element. The company has already raised an investment of n6m with Enterprise Ireland investing more than €750k.
If the company expands as planned to the UK and Europe, Cynar predicts that after five years operation, the company could make pre-tax profits of Stg40m on sales of Stg110m.
Sean Fleming TD visited the Cynar’s facility recently. He subsequently spoke glowingly about the firm in the Dil describing the operation as “a phenomenal new facility…using groundbreaking and innovative technology“.
Michael Murray is the chief executive of the company, he says the firm established in Portlaoise in 2007. After two years trials, commercial began this year.
So far, diesel is the big seller and Mr Murray lists the Laois-based Emo Oil as the main customer. The raw material waste plastic is sourced in Ireland from farmers and two waste disposal companies.
Mr Murray highlights a number of Green and Irish elements of the business. He says the carbon footprint of the process is far smaller than tradition fuel production. He says the fact that the plastics are sourced in Ireland is also environmentally friendly as is the diversion of plastics from landfill.
As for the benefits to Laois Mr Murray is looking forward to employing more local people and making the Portlaoise-based facility “a centre of excellence“. He says Cynar is planning to employ and train more local people and making its Portlaoise facility “a centre of excellence”.
The chief executive says Enterprise Ireland has been a big support but he is also generous in his praise of Laois County Council. He says the council played a big part in making sure that Cynar would in attracting the company to set up in Laois.
“The local authority understood what we were trying to do from day and were very willing to assist one whereas other local authorities not far from us did not even want to talk. To this day I find them very good to deal with” said Mr Murray.