In December 2021 Changeover Technologies bade farewell to Alan Lilley, who served as Non-Exec Finance Director. We are extremely grateful for his positive input over the past few years. As Alan leaves to pursue his favourite past-time of golf, we welcome to the board a new Non-Executive Finance Director – Paul Lavery.
Paul is an experienced chartered accountant, having worked for the last fifteen years in a variety of CEO and CFO roles. In the last eight years, Paul has been the CFO of a private equity backed international equipment rental business. With a strong corporate finance element to this role, he has led on M&A transactions with a combined EV of c. £150m, together with associated debt-raising. We look forward to Paul’s involvement in Changeover Technologies as we aim to scale up and launch our commercial unit in 2022.
Changeover Technologies is delighted to announce that it has been recognised as a Silver Level Innovator in the Innovate NI Innovation Accreditation programme. The company has been recognised due to its ability to transform innovative ideas into commercially successful products.
Speaking about the recognition, Ken has commented:
“Recognition of this kind from Innovate NI is a great testament to both the cutting-edge research being conducted by the Changeover Technologies team of Engineer and Scientists at our purpose-built pilot plant and R&D facilities in Northern Ireland, and our ability to transition these exciting concepts into commercially viable technologies. Changeover Technologies has been supported by Invest Northern Ireland as it looks to commercialise this innovative technology over the next 12-24 months. We remain extremely grateful for their ongoing support in propelling the company towards being globally-renowned.”
“None of this progress towards commercialisation of a fully innovative idea would have been possible without all the hard work, expertise and dedication of the exceptional staff at Changeover Technologies, and as such the CEO and Board would like to thank the staff members for their contribution to this fully deserved award.”
Innovate NI is a Department for the Economy programme, helping local businesses innovate successfully. It is delivered by Invest Northern Ireland, local councils, and further education colleges.
Changeover Technology have raised a further £870K to extend runway during the ongoing pandemic. Ken Flockhart, Changeover Technology CEO, has commented, “This further injection of cash enables runway to complete our next major funding round to move to scale and commercialisation in 2022.
This reflects our shareholders continued support and belief in our breakthrough technology.” Committed to helping waste producers in their journey to net zero, this cash injection will go towards scaling up operations for commercialisation.
Working together with Grant Thornton accountants, Changeover Technologies have been awarded Enterprise Investment Scheme (EIS) status on 7th December 2020.
Introduced by the government in 1994, The Enterprise Investment Scheme (EIS) helps small companies raise funds to grow, with private investors being incentivised with generous tax relief benefits.
To qualify, the company must be ‘knowledge intensive’, or in other words, be young and innovative, with gross assets of less than £15 million at the time of investment.
Click on the link below for further details about the Enterprise Investment Scheme (EIS) –
Changeover Technologies have opened a new office in Greenwood Village Colorado, USA, where Todd A. Myers will be the company’s North American representative.
An expert in environmental regulation and emissions, Todd has more than 30 years’ experience as a manager and consultant in the North American mining industry. He has also held senior positions with Cloud Peak Energy and Financial Times Energy.
Changeover CEO Ken Flockhart said: “Todd’s experience will contribute greatly to our Cleantech Goals, which will help us take a major step toward securing partners and customers”.
Expanding into the US market is a major milestone for the company and will help Changeover Technologies to scale up across several global industries.
Changeover Technologies Ballygawley test plant is fully operational and running regular tests on the transformation of waste fine material to homogenous pellets.
The whole process takes around 15 minutes to create a pellet and 3 days to cure. Fine loose waste that was originally 550Kg/m3 transforms to 1200Kg/m3 in pellet form.
Changeover’s CEO Ken Flockhart explains: “This green strength allows the pellets to be stacked up to 6 metres high, curing into weather resistant, non-stick pellets that can be handled by industrial means.”
Cleaning up waste fines at the Minehead is the first of Changeover Technologies environmentally positive mitigating solutions which help producers turn wastes into greener re-useable pellets, in this case for thermal and metallurgical end users.
Already in the R&D pipeline are the clean-up and enhancement of fossil fuel ash and agricultural wastes, to name but two of the many carbonaceous, mineral and agricultural wastes to which the technology is applicable.
Furthermore, internationally renowned DMT laboratories are undertaking final key coking tests on Changeover Technologies metallurgical coking pellet MetaForm.
Initial pre-tests were successfully carried out and indications are that a positive result on this final moving wall carbonisation test is forthcoming.
Changeover Technologies processes embrace many of the United Nations Sustainable Development Goals for the mining industry.
There are an estimated 60 million tons of coal fine waste globally, the residue of former mining operations. The UN is dedicated to improving the mining industry’s environmental performance and management, through heightening public awareness of the parts of the mining operation that create pollution.
Changeover Technologies transformational technology will reduce the need for mining operations creating a win win solution for everyone.
Kernel Capital, the venture capital arm of Bank of Ireland, along with private investors, has injected another investment tranche of £1.2m into Changeover Technologies Ltd. ensuring that it can meet its value milestones into 2021.
With this influx of cash, Changeover continues to forge ahead with the Ballygawley pilot unit and its R&D facility in Belfast’s Gasworks. The company’s new environmental solutions for the clean-up and recycling of post-burn ash and agricultural waste brings new patents edge ever nearer.
Bank of Ireland’s Kernel Capital has announced a £2m Investment in Changeover Technologies to build its production and test plant at Ballygawley in County Tyrone, Northern Ireland.
Allen Martin, partner at Kernel Capital, commented:
“Following on from our initial investment, the company has successfully developed and patented innovative technologies which have the potential to deliver significant environmental and economic returns.”
These are exciting times for Changeover Technologies as the new plant in the north of Ireland will enable the company to scale the research and development team in collaboration with commercial partners to ultimately allow for the development of broader applications.