Harvest Power Continues Rapid Growth with $6M series B Extension
SAM, part of the Rabobank Group, Joins Harvest’s Roster of Blue Chip Investors to Bring Series B to $58 Million
WALTHAM, MASS, May 24, 2011 – Harvest Power, the leader in producing renewable energy and fertilizer products from organic waste, announced today an extension of its $51.7 million Series B financing. SAM Private Equity, part of the Rabobank Group, focused on sustainability investing and based in Zurich, Switzerland, invested $6 million to join Harvest’s stellar group of backers.
“SAM’s and Rabobank’s wealth of experience in agribusiness and sustainability investing makes this a perfect match for us,” said Paul Sellew, CEO of Harvest. “Their investment is a strong vote of confidence in Harvest’s role as the premier organic waste manager in North America.”
Harvest’s advanced systems for processing organic waste harness the full energy, carbon and nutrient potential of discarded organic materials. The firm’s technologies are real today, and Harvest is building North America’s first commercial-scale high solids anaerobic digestion facility at its site in the Metro Vancouver region of British Columbia. With this new capital the company intends to continue expanding its platform throughout North America. “We envision a day when our technologies are integrated into every community’s strategy for managing its organic waste,” continued Sellew.
“The SAM team prides itself on its ability to evaluate clean technology companies,” said Rhea Hamilton, Investment Director for the SAM team. “In Harvest we recognized the unique opportunity to invest in a sustainable business rapidly expanding into an enormous untapped market. Harvest provides a new path for the 160 million tons of organic material Americans waste every year.”
SAM joins Generation Investment Management, DAG Ventures, Keating Capital, Kleiner Perkins, Waste Management (NYSE: WM), Munich Venture Partners, and TriplePoint Capital on Harvest Power’s roster of investors.
SAM is an investment boutique focused exclusively on Sustainability Investing. The firm’s offering comprises asset management, indexes and private equity. SAM is a member of the global asset manager Robeco, which was established in 1929 and offers a broad range of investment products and services. Robeco is committed to Responsible Investing and the group-wide implementation of those principles. Robeco is part of Rabobank Group, one of the few privately owned banks in the world with the highest credit ratings from Moody’s and Standard & Poor’s. Furthermore, within the banking sector, Rabobank is one of the global leaders in terms of corporate social responsibility and sustainability.
Within Robeco, SAM acts as the center of expertise for Clean Tech Private Equity. SAM Private Equity is a market leader in the field of Clean Tech and Sustainable private equity investing and manages approximately $1 billion in Sustainable and Clean Tech assets.
About Harvest Power
Harvest is transforming the organic waste industry by harnessing the full energy, carbon and nutrient value from discarded organic materials. The company manages organic waste using an advanced technology platform that produces renewable energy, in the form of electricity and natural gas, and high value soil and organic fertilizer products. The company has facilities in British Columbia, Ontario, Pennsylvania and California and is led by a management team with deep experience in composting, renewable energy, engineering and finance. Harvest has grown rapidly since its founding in 2008, and its trajectory indicates that it will remain one of the fastest growing companies in clean technology. The company was named to the Cleantech 100 (Top Global Cleantech companies), designated “Emerging Company of the Year” by the New England Clean Energy Council, and received an SBANE 2011 New England Innovation Award.