Bioenergy DevCo, a global developer of anaerobic digestion (AD) facilities, has received its first institutional investment of $106 million (€94.6 million) from Newlight Partners.
Bioenergy DevCo has more than 200 plants throughout the world that create renewable natural gas and healthy soil products. According to a recent statement, the firm intends to use its new funding to expand its operations in North America, working with municipalities and companies to develop AD facilities locally and reduce carbon emissions.
Organic waste is traditionally incinerated and emitted as an environmental pollutant or left in landfill where it rots and ultimately releases methane into the atmosphere. AD uses a natural microbiological process to break down organic waste materials and create renewable natural gas and digestate, a nutrient-rich substance that can be used as fertiliser.
Shawn Kreloff, founder and CEO of Bioenergy DevCo, said: “The support from Newlight Partners allows Bioenergy DevCo to offer a full turnkey solution to cities and corporations challenged by incineration, already crowded landfills and the cost of disposing of organic waste.
“In working with Newlight, we address the strong and increasing demand for our [AD] technology, which is proven to naturally transform organic waste into clean, renewable natural gas, in a way that meets the unique needs of municipalities and companies around the country.”
Newlight Partners’ managing director Mark Longstreth praised the company’s efforts, stating that the company’s technology “realises the promise of delivering economically smart and environmentally-friendly organic recycling-to-energy solutions.”