Harvest Power, a producer of renewable energy and fertilizer products from organic waste, has raised USD51.7 million in Series B financing. Generation Investment Management, a London-based firm, led the round with DAG Ventures and Keating Capital also participating alongside pre-existing investors Kleiner Perkins, Waste Management (NYSE: WM), Munich Venture Partners, and TriplePoint Capital.
“Investors recognise our platform as the smart, cost-effective choice for managing organic waste,” says Paul Sellew, CEO of Harvest. “Communities trust us to carry their organic management plans forward and provide local renewable energy and nutrient rich soil amendments with disposal costs lower than landfills.”
Harvest’s advanced technologies and systems for processing organic waste –including food scraps, yard trimmings, scrap wood and other organics – harness the full energy, carbon and nutrient potential of discarded organic materials. The firm’s technologies are real today: Harvest has broken ground on what will become North America’s first commercial-scale high solids anaerobic digestion facility at its site in the Metro Vancouver region. With this new capital the company intends to expand its platform throughout North America and add to its toolkit of technologies. Today Harvest is growing revenue rapidly and is solidly profitable.
“Harvest is a terrific example of a business whose expertise, products and services both accelerate the transition to a low carbon economy and develop a strong financial and competitive position for the company,” says David Blood, one of the co-founders of Generation Investment Management.
Amol Deshpande, a partner at Kleiner Perkins, says: “Harvest has consistently and aggressively grown in every capacity since its inception only two years ago. The company’s management team continually exceeds expectations. Harvest is on track to fundamentally change the way waste is managed around the world.”
