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Harvest Power Inc. of Waltham has raised $1.25 million of a targeted $2.25 million new funding round, according to a federal document.
The biogas manufacturing company has two backers in the newest round of funding, according to the filing with the U.S. Securities and Exchange Commission. While the filing doesn’t identify them by name, previous backers of Harvest Power include SAM Private Equity, part of the Rabobank Group; London-based Generation Investment Management, co-founded by Al Gore and Goldman Sachs veteran David Blood; DAG Ventures; Keating Capital; Kleiner, Perkins, Caufield & Byers; Waste Management; Munich Venture Partners; and TriplePoint Capital.
In May, those investors bumped an already impressive $51.7 million financing by an additional $6.3 million, making the company’s Series B round worth $58 million in total. In July, Harvest Power raised $500,000 through a sale of options or warrants for equity.
Founded in 2008, Harvest Power is building what it calls North America’s first commercial-scale, high solids anaerobic digestion facility at a site in the Vancouver, British Columbia, region. According to CEO Paul Sellew, the facility could process 30,000 tons of food waste per year, and would turn the organic material into biogas, which could then be converted into energy such as natural gas or electricity.
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