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Industry: Waste Management
Funding Raised: Seeking and investment of KES. 50,000,000 to acquire a new tile line that will increase its production output
Funding Required: Seeking KES. 10M to scale up the production
Use of Proceeds:
- Equipment and machinery
- Business Expansion
Number of Employees: 15
Continental Renewable Energy Co. Limited was founded in 2012 but began operations in 2013. It manufactures polymer and sand production formulation for the manufacture of roofing tiles, fencing posts & plastic lumber. Key products are COREC Resin roofing Tile and Fencing Posts.
Nairobi, the capital of Kenya, generates over 2650 metric tons of waste every day, 20 % of which is plastic. Over 70 % of the total waste is disposed of by crude dumping, ending up littering streets, in open fields and clogging sewer. The challenge that COREC seeks to
COREC produces high quality and durable resin bonded roofing tiles, Man Hole Covers, Plastic lumber Planks and Fencing poles/ posts. These products compare with the best in the industry. They are available in different colours to fit the client’s aesthetic needs. They are also affordable and durable. COREC also fabricates machines which are of numerous applications in polymer processing industries along with roto moulding machines.
Current key competitors include producers of concrete tiles, clay tiles and iron roofing sheets.
Business Model and Distribution Channels
Revenue is generated from the sale of the company’s four key products: fencing posts, lumber planks, roofing tiles and machine fabrication.
Traction to Date
- Production capacity – recycling 560 tons of plastic waste annually
- A five-year strategic financial plan
- Established a customer base of 2,000 clients
- Developed a product portfolio of relevant and quality products
- Set up a production plant
- Environmentally friendly products
- Project Management package
- Quality products
- Experience and expertise
- Budget friendly
- Dr. Aghan Oscar – CEO
- Dr. Torooti Mwirigi – Operations Director
- Dr. Rose Kiura – Finance and Administration Director
- Dr. Dennis Nturibi – Business Development and Marketing Director
- Ihsmael Hezekiah – Administrator