Bioenergy Devco secures $100 million in financing to accelerate anaerobic digestion projects
Bioenergy Devco has secured $100 million in financing from funds managed by Irradiant Partners. This new capital will support the development of multiple anaerobic digestion facilities to drive sustainable organic waste recycling and reduce greenhouse gas emissions in North America.
Irradiant joins BDC'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 anaerobic digestion," said Shawn Kreloff, Founder and Chief Executive Officer of Bioenergy Devco. "Anaerobic digestion, 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 decarbonization 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."
BDC has constructed more than 240 anaerobic digesters and currently manages 140 facilities worldwide. Since launching in the United States in 2019, BDC 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 U.S., the facility at the Maryland Food Center Authority will have the capacity to accept more than 115,000 tons of organic material annually, offering the same carbon sequestration impact as a forested area 40 times the size of Central Park.
"We are excited to partner with Bioenergy Devco because we see their leadership in this emerging industry as critical to a sustainable future," said Jon Levinson, Co-Chief Executive Officer of Irradiant. "Knowing BDC's global footprint and history, we saw an incredible opportunity to work with a company taking a revolutionary approach to holistic sustainability along with the management of waste, renewable energy production and supporting healthy soils."
BDC provides a proven solution to organics recycling that reduces greenhouse gas emissions. BDC's anaerobic digestion technology decarbonizes the food, agriculture, waste, and energy sectors and works in tandem with cities facing waste challenges, companies trying to reach ESG goals, and energy companies working to provide renewable energy alternatives.
BDC facilities can sustainably process hundreds of thousands of tons of organic material annually, reducing emissions from landfills, incineration, and transporting waste, and reduce our dependency on fossil fuels by using natural microorganisms to transform organic material into renewable energy. Unlike previous organics management processes, anaerobic digestion is a carbon-negative technology that does not emit pollutants, turning waste into a valuable source of power for homes, businesses, communities, and fleets.
Traditionally, waste management companies have operated using a simple "management of waste" approach to operating a MRF. Throughput targets and continuous operation (minimal downtime) were the main driving forces. The industry has changed however, and the focus moving forward is now on optimizing system performance and reliability, in conjunction with increasing recycling rates and a drive for a "greener" and more sustainable tomorrow.
When considering the addition of, or upgrade to, an "intelligent" MRF, for municipalities or private operators, the main factors should always be the client's (operator) current requirements, and evolving market needs, which include throughput, reliability, output quality, and adaptability. Equally important is a full understanding of what is really expected from any proposed system. Having an engaged and focused mindset for the project with the client from the beginning, will impact and drive the entire design process. This then impacts the overall project result, through to the productive, efficient, ongoing operation of the facility itself.