Harvest Power raises more than $100 million
Renewable energy company Harvest Power has raised $110 million (€760,000) in a funding round.
True North Venture Partners were the leaders in the investment, with help from American Refining and Biochemical, as well as existing investors Kleiner Perkins Caufield & Byers, DAG Ventures, Generation Investment Management and more.
Harvest Power plans to use the funds to expand its operations so that it can meet increased demand from North America. In this region many companies are looking for sustainable yet economical solutions to produce renewable energy and Harvest plan to capitalise on this, the company says.
‘The significant investor interest Harvest has received is the result of our dynamic partnerships, innovative approaches, and proven ability to build the first nationwide organics management company,’ says Paul Sellew, CEO of Harvest. ‘By integrating organics recycling, renewable energy and the production of soils, mulches and natural fertilisers, Harvest has shown that we are a leader in a new kind of cleantech – one that lowers costs.’
As a byproduct, Harvest also produces organic soils and mulches which they sell to retail companies.
The company has plans to further develop and is currently building two food waste to energy facilities, which use anaerobic digesters as their technology, in North America.