Bioenergy Devco, a global developer of anaerobic digestion facilities that transform organic waste into renewable energy and soil products, has secured $100 million in financing.
Bioenergy Devco is seeking a digester permit at a Seaford poultry litter site, formerly owned by poultry giant Perdue.
Proceeds will come from funds managed by Irradiant Partners, an alternative investment manager with expertise in climate infrastructure, private equity, and credit.
The 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 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,” said Shawn Kreloff, founder and CEO 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. In addition, 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 the Seaford site and another in 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.
BDC facilities process hundreds of thousands of tons of organic material annually, reducing emissions from landfills, incineration, and the costs of transporting waste. The end product is renewable national gas.
See earlier story on the Seaford site: