In the United States (US), biogas project developer CleanBay Renewables Inc. (CleanBay) has announced it has secured investment from AVG Group Sarl (AVG), a Luxembourg-based asset manager with a focus on energy transition technology and green alternatives to fossil fuels. AVG’s investment will help fund CleanBay’s development portfolio of bioconversion facilities, recycling poultry litter and repurposing it into natural, controlled-release fertilizer and renewable natural gas (RNG).
The capital, the value of which has not been disclosed, will also allow CleanBay to explore additional capabilities for its facilities, including green hydrogen and green LNG production, EV charging infrastructure, and carbon capture in the United States, Europe, and Asia.
CleanBay is proud to add AVG Group to our growing list of investors. Not only will AVG help accelerate our efforts in the United States, but it shows that our proprietary process design can be a viable climate solution globally, said Thomas Spangler, CleanBay’s Executive Chairman.
Earlier this year, AVG launched the Nordic ESG and Impact Fund SCSp, which focuses on investing in climate technology and climate infrastructure. As part of its investment in CleanBay, AVG acquired rights to make significant equity investments in CleanBay’s projects while also exploring options to scale CleanBay’s operations globally.
AVG is excited to be working with CleanBay, as the Company directly supports our goal to build the business models of the climate future and pursue the opportunities that will provide sustainable energy independence for generations to come, said Karl Andersen, CEO of AVG.
CleanBay is establishing CleanBay Norway AS in Norway, a strategic growth center for renewable energy production, in order to expand its growth opportunities in Europe.
At full capacity, each CleanBay bioconversion facility will recycle more than 150 000 tonnes of poultry litter annually. By repurposing a potential source of excess nutrients, each facility can generate over 750 000 MMBtus of sustainable RNG, over 100 000 tonnes of natural, controlled-release fertilizer, and an estimated 1 million tonnes of carbon dioxide equivalent (CO2eq) emissions abatement that will be available for monetization in global carbon markets.
AVG Group is known for its expertise in the renewable energy sector, and we look forward to bringing even more climate solutions to market together leveraging AVG’s access to Nordic technologies, said Donal Buckley, CEO at CleanBay.