Bioenergy Devco secures $100m to develop AD facilities
Irradiant, an alternative investment manager, joins Bioenergy Devco’s existing investor base that includes Newlight Partners, a growth equity investment firm, and Sagewind Capital, a New York-based middle-market private equity firm.
“We are thrilled that Irradiant has joined us in our mission to make our planet healthier through the natural power of AD,” said Shawn Kreloff, founder and CEO of Bioenergy Devco.
“AD, as evidenced by our success throughout Europe, is the most environmentally responsible way to recycle food waste into renewable energy while reducing emissions and achieving decarbonisation and climate goals in North America.
“Bioenergy Devco’s technology can sustainably divert food waste from landfills and, in turn, give this discarded organic material a valuable second life.”
Bioenergy Devco has constructed more than 240 anaerobic digesters and currently manages 140 facilities worldwide. Since launching in the US in 2019, the company has over 20 anaerobic digesters in development, including two under construction in Delaware and Maryland.
Slated to be the largest and the first industrial-scale food waste digester in the US, the facility at the Maryland Food Center Authority will have the capacity to process more than 115,000 tons of organic material annually.
Mark Longstreth, a partner at Newlight, commented: “BDC’s success in transforming discarded food and other organic waste into renewable energy moves us closer to realising a truly circular economy.
“We welcome Irradiant as a significant new investor in Bioenergy Devco as we continue our efforts to build on the company’s leadership position and reshape the way we think about organic waste.”