Bioenergy Devco closes $100M in new capital
SEAFORD — Leading anaerobic digester developer Bioenergy Devo (BDC) Bioenergy Devco (BDC)announced today it has secured $100 million in financing from funds managed by climate infrastructure investment manager Irradiant Partners, LP.
This capital will support the development of multiple anaerobic digestion facilities to drive sustainable organic waste recycling and reduce greenhouse gas emissions in North America, according to BDC representatives. Irradiant , an manager with expertise in climate infrastructure, private equity and credit, joins BDC’s existing investor base that includes Newlight Partners LP, a growth equity investment firm, and Sagewind Capital LLC, 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,” BDC CEO and founder Shawn Kreloff said in a prepared statement. “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.”
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 Seaford and in Jessup, Md.
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 in Jessup 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,” Irradiant Co-CEO Jon Levinson said. “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’s success in transforming discarded food and other organic waste into renewable energy moves us closer to realizing a truly circular economy,” added Mark Longstreth, partner at Newlight. “We welcome Irradiant as a significant new investor in BDC as we continue our efforts to build on the company’s leadership position and reshape the way we think about organic waste.”
BDC provides a proven solution to organics recycling that reduces our 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 environmental, social and governance 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.
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