CleanBay Renewables has secured investment from AVG Group (AVG), a Luxembourg-based asset manager.
AVG’s investment will help fund CleanBay’s development portfolio of bioconversion facilities across the US, recycling poultry litter and repurposing it into RNG and natural, controlled-release fertiliser.
The capital will also allow the company to explore additional capabilities for its plants, including green hydrogen and green LNG production, carbon capture, and EV charging infrastructure in the US, Europe and Asia.
“CleanBay is proud to add AVG Group to our growing list of investors,” said Thomas Spangler, CleanBay’s executive chairman
“Not only will AVG help accelerate our efforts in the US, but it shows that our proprietary process design can be a viable climate solution globally.”
Donal Buckley, CleanBay’s CEO, added: “AVG is known for its expertise in the renewable energy sector and we look forward to bringing even more climate solutions to market together leveraging AVG’s access to Nordic technologies.”
At full capacity, each CleanBay bioconversion facility will recycle more than 150,000 tons of poultry litter annually. By repurposing a potential source of excess nutrients, each facility can generate over 750,000 MMBtu of sustainable RNG and over 100,000 tons of fertiliser. Additionally, an estimated 1 million tons of CO2e emissions will be prevented.
In August, bp announced it will purchase RNG from CleanBay under a 15-year agreement. Through the agreement, bp’s trading and shipping team will sell the fuel to its customers, initially in California.