Bioenergy Devco has received a new $100 million (€86 million) investment. The financing comes from Irradiant Partners, and will be used to develop multiple anaerobic digestion (AD) facilities in North America.
Irradiant is an alternative investment manager, and now joins Bioenergy Devco’s existing investor base. The list of investors 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 already constructed more than 240 anaerobic digesters and is currently managing 140 facilities around the world. Additionally the company has over 20 anaerobic digesters in development, including two under construction in Delaware and Maryland, since it launched in the United states in 2019.
Located at the Maryland Food Center Authority, and contracted to be the largest and the first industrial-scale food waste digester in the US, the facility will have the capacity to process more than 115,000 tons of organic material per year.
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.”