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Print Edition StoriesFriday, January 29, 2010
Biogas firm Harvest Power lands funds from Waste Management
By Jackie Noblett
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Harvest Power Inc. has closed a fundraising round led by Waste Management Inc. and included existing investors Kleiner Perkins Caufield & Byers and Munich Venture Partners.
The Waltham-based company is developing a facility outside of Vancouver, British Columbia, to take in yard and food waste and produce biogas for energy generation, as well as high-quality compost for agricultural purposes. Company executives say the investment by Houston, Texas-based Waste Management (NYSE: WM) provides Harvest Power with access to strong feedstock streams and the support of a major waste disposal company.
“They are dedicated to next generation approaches to extracting value from organic waste, and we will continue to partner with them on projects,” said Paul Sellew, co-founder and CEO of Harvest Power.
The company already operates a large organic waste composting facility outside of Richmond, Va., but the Canadian demonstration plant is expected to begin construction this year. Sellew said he would like to build such a facility near transfer stations or other waste facilities in Massachusetts, but for the time is focused on plants on the West Coast.
Harvest Power did not disclose the value of the investment, but it disclosed in a Dec. 21 regulatory filing that it had raised $9.8 million of a $10.2 million equity round.
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