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Dungiven builders Cross Concrete and Rainvault, which is based in Draperstown, plan to manufacture and market the unique process, which has already been trialled by another local construction firm.
Invest NI has provided support to the project, which it hopes will bolster homegrown innovation.
The Rainvault system is unique in that it has an advanced control/monitoring system and automatic control panel.
In addition, where a mains water supply is available, the system automatically switches over to it, until the required maintenance has been carried out.
Tobermore Concrete has implemented the system into its operations.
Cross Concrete and Rainvault also took part in the Invest NI 'Construct for Growth' programme to help construction companies in the North West explore new opportunities from sustainable products.
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Cross Concrete has developed and is manufacturing a water storage tank to complement Rainvault's water harvesting.
The tank has incorporated an innovative rainwater purification system, which enables rainwater to be used for drinking.
Cross Concrete Managing Director Dr Ambrose McCloskey said: "Our research identified a clear market opportunity from the growing trend towards water conservation.
"We were aware of the work being carried out by Rainvault on the development of such a system and of its need for concrete tanks. Pooling our expertise made good business sense.
"The main objective was to design and build a mould and production facility to allow low labour input. The project focused on innovation in that it increased our capability through the design and delivery of complex concrete mixes."
Invest NI's Des Gartland said: "The development of this new product by Cross Concrete fits with the strategic intent of the business in that it leverages the in-house capability of design and aligns it with a key market driver of 'sustainable builds'.
"As demonstrated by our highly successful 'Construct for Growth' programme, there is an increasing focus on sustainable building products and in reducing the running costs of buildings.
"Sustainability is becoming an important business driver. Cross Concrete and Rainvault are now well-placed to harness the potential of this developing market," he added.
Cross Concrete was established in 2005 and produces precast concrete flooring and stairs for customers in the UK and Republic of Ireland. It also produces agricultural flooring.
The firm's 10 acre manufacturing facility in Drumahoe is soon to be complemented by £800,000 new factory intended to manufacture pre-stressed products.
(PR/JM)
