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Bain Capital completes “significant equity investment” in EcoCeres

Bain Capital completes “significant equity investment” in EcoCeres
Bain Capital and EcoCeres (photo courtesy EcoCeres).

US-headed global investor Bain Capital LP has announced that Bain Capital Private Equity (Bain Capital) has completed a "significant equity investment" in EcoCeres, Inc., an innovative biorefinery company with leading R&D capabilities.

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Headquartered in Hong Kong, EcoCeres is an Asia-based advanced biorefinery platform with industrial-scale production capacity that converts waste-based biomass into a wide spectrum of biofuels, biochemicals, and biomaterials.

EcoCeres HVO plant in Jiangsu, China (photo courtesy EcoCeres).

The company is one of the few players in the world to produce commercialized renewable diesel (hydro-treated vegetable oil – HVO), sustainable aviation fuel (SAF), and cellulosic ethanol.

It has a dedicated R&D team with strong chemical engineering backgrounds and a commercially available combined capacity of 300 000 tonnes per annum of HVO and SAF in operation at a facility in China.

Second major investment

Through the implementation of core proprietary technologies, the company is building up distinct biorefining capabilities to deliver decarbonization solutions.

The transaction follows a Series A investment in EcoCeres from Kerogen Capital announced in February 2022.

Our partnership with a blue-chip investor like Bain Capital is yet another strong vote of confidence in our leadership in the critically important decarbonization sector. It is my heartfelt belief that both Bain Capital and Kerogen Capital have made their wise decisions to invest in EcoCeres – the innovative advanced biorefinery platform. A good start means halfway to success, I look forward to a strongly bonded and long-term win-win partnership to serve our common goal for a better and sustainable future, said Philip Siu, Co-founder, and CEO of EcoCeres.

Bain Capital’s deep industry experience and resources to further scale up international business in the global markets and advance renewable energy technologies are among other growth initiatives.

Having a world-class investor such as Bain Capital on the board will accelerate the growth trajectory of EcoCeres, especially with international expansion, by leveraging Bain Capital’s global platform and resources, said Alan Chan, Chief Investment Officer of Hong Kong & China Gas Ltd (Towngas), which incubated EcoCeres and remains as a strategic shareholder.

EcoCeres has also successfully produced SAF and received International Sustainability and Carbon Certification (ISCC) Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) plus certification to supply the global aviation industry.

We are highly impressed with the Company’s R&D capabilities, enabling the utilization of 100 percent waste-based feedstocks and the generation of significant carbon savings. We see an enormous opportunity for the Company to help clients to achieve decarbonization targets and ultimately become a key contributor to reducing greenhouse gas emissions globally. We look forward to joining hands with EcoCeres and other shareholders to bring the business to its full potential, said Jonathan Zhu, a Partner, and Co-Head of Bain Capital Private Equity in Asia.

The company is also expecting to produce cellulosic ethanol from agricultural waste. Achievement of these milestones will cement EcoCeres as a first mover in the industry, with the capability to decarbonize the full spectrum of transportation fuels across diesel, jet fuel, and gasoline.

This investment is testimony to Bain Capital’s commitment to sustainable growth and reducing climate impact. We embrace EcoCeres’ vision to build a global leader in decarbonization solutions much needed by the world to attain carbon neutrality and believe we will form a productive partnership with EcoCeres and Towngas to achieve this goal, noted James Tam, a Partner of Bain Capital Private Equity in Asia.

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