Glenveagh secures Enterprise Ireland funding to support scaling of modern methods of construction manufacturing

Funding will support the further development of innovative methods of building quality and sustainable homes

Glenveagh Properties plc, the leading Irish homebuilder, has secured €859,000 funding from Enterprise Ireland under the Built to Innovate initiative. The funding will support the development phase of its modern methods of construction (MMC) innovation investment programme.

Glenveagh currently operates Ireland's largest off-site manufacturing platform across its three facilities, thanks to significant R&D investment in its business over the last number of years. The Enterprise Ireland funding will help support the development and maximisation of its activities, which will enable a higher pre-manufactured value of the homes they deliver.

Specifically, the funding will support a number of key R&D activities, including the development and validation of enhanced timber frame and light gauge steel (LGS) manufacturing processes, the research and development work underpinning a new automated cladding and finishing process, in addition to the construction of house prototypes to support Glenveagh's innovation agenda.

Sustainability is central to the work that Glenveagh is doing in this area. In addition to all workstreams using energy-efficient technologies, a complementary energy and water reduction workstream will also be progressed to design houses that generate most of their own energy through renewables and reduce water demand.

Stephen Garvey, CEO, Glenveagh commented:

We're making considerable investments in our business to deliver the most modern homes possible for our customers - homes that are high quality, more affordable, more cost effective to run, and built at scale. This funding, alongside our multi-million euro investment in our facilities, will directly support a genuinely manufacturing-led model of homebuilding, delivering precision-engineered, sustainable homes consistently. We are moving well beyond incremental gains in modern methods of construction. We're grateful to Enterprise Ireland for their support and excited about what this means for our customers, in addition to the increased number of jobs that we can provide in this critical area of construction.

Minister for Enterprise, Tourism and Employment Peter Burke TD said:

Glenveagh delivers highly specialised modern methods of construction, and their significant investment in R&D is a key component to their continued growth. Today's funding announcement will have a positive impact in driving efficient construction methods in residential construction and paves the way for Glenveagh to significantly scale its business. The Government, through Enterprise Ireland, looks forward to continued engagement with Glenveagh to support the growth of the business into the future, ensuring that more and more homes are built each year.

Government policy increasingly identifies modern methods of construction as central to increasing housing supply. Its target, set out in the Delivering Homes, Building Communities 2025–2030 action plan, is for at least 25% of all new social and affordable homes to be delivered using modern methods of construction by 2030.

Jenny Melia, CEO, Enterprise Ireland said:

Innovation is critical to competitiveness and long-term sustainable growth, and Glenveagh's investment in research, development and innovation is a strong example of that ambition in action. Through the Built to Innovate initiative, Enterprise Ireland is supporting the company to embed innovation across its manufacturing processes, advancing its off-site capability and strengthening its leadership in modern methods of construction.

This funding provided to Glenveagh follows initial funding received in 2023, which supported the research and identification of most practicable MMC solutions that reduced reliance on traditional methods of construction and delivered the optimum levels of performance, quality and sustainability.

Residential construction companies interested in learning more about the Built to Innovate initiative can visit www.enterprise-ireland.com/en/sectors/high-tech-construction-and-housing/built-to-innovate.

Ends

For further information please contact:

Gordon MRM

Ray Gordon 087 241 7373

Julian Fleming 087 691 5147

glenveagh@gordonmrm.ie

Notes to Editors

Glenveagh Properties plc, listed on Euronext Dublin and the London Stock Exchange, is the leading Irish homebuilder.

Supported by innovation and our internal manufacturing capability, Glenveagh is committed to opening access to sustainable, high-quality homes to as many people as possible in flourishing communities across Ireland.

We are focused on two core areas to achieve this: Homebuilding and Partnerships. Our Homebuilding division is the leading provider of own-door single-family homes in Ireland, primarily in Dublin and the Greater Dublin Area. Our Partnerships division focuses on creating vibrant communities nationwide through a mix of suburban single-family and urban multi-family developments. Often funded or acquired by the state or state entities, these projects enable us to deliver affordable and high-quality housing options for everyone.

www.glenveagh.ie