Bioenergy DevCo closes US$100m from Irradiant Partners to boost AD projects
US-headed Bioenergy Development Company (Bioenergy DevCo - BDC), a leading global developer of anaerobic digestion (AD) facilities that transform organic waste into renewable energy and healthy soil products, has announced it has secured US$100 million in financing from funds managed by Irradiant Partners LP (Irradiant), an alternative investment manager with expertise in climate infrastructure, private equity, and credit.
According to a statement, this new capital will support the development of multiple anaerobic digestion (AD) facilities to drive sustainable organic waste recycling and reduce greenhouse gas (GHG) emissions in North America. Irradiant joins BDC’s existing investor base that includes Newlight Partners LP (Newlight), 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. 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, said Shawn Kreloff, Founder and Chief Executive Officer of Bioenergy DevCo.
BDC has constructed more than 240 anaerobic digesters and currently manages 140 facilities worldwide. Since launching in the United States (US) in 2019, BDC has over 20 anaerobic digesters in development, including two under construction in Delaware and Maryland.
We are excited to partner with Bioenergy DevCo because we see their leadership in this emerging industry as critical to a sustainable future. 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, said Jon Levinson, Co-Chief Executive Officer of Irradiant.
Slated to be the largest and the first industrial-scale food waste digester in the US, the facility at the Maryland Food Center Authority will have the capacity to accept more than 115 000 tonnes of organic material annually, offering the same carbon sequestration impact as a forested area 40 times the size of Central Park.
BDC’s success in transforming discarded food and other organic waste into renewable energy moves us closer to realizing a truly circular economy. 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, said Mark Longstreth, a Partner at Newlight.