Harvest Power Inc., a Waltham, MA-based developer, builder, owner and manager of facilities that produce renewable energy and compost from discarded organic materials, has raised an undisclosed amount of funding from Waste Management Inc. (NYSE: WM).
As part of the agreement, Houston, Texas-based Waste Management joins founding investors Kleiner Perkins Caufield & Byers and Munich Venture Partners, which also increased their investments in the company.
Harvest owns and operates the largest food and yard waste composting facility in North America, located in Richmond, British Columbia, and is also developing innovative high solids aerobic and anaerobic digestion and composting technologies, which accelerate the decomposition of organic materials to produce renewable energy that offsets the use of fossil fuels. The process creates clean biogas that can be converted into electricity, liquefied natural gas, or compressed natural gas, and also generate high quality, nutrient-rich compost products.
According to a press release, the deal complements Waste Management’s comprehensive waste services in the areas of recycling, landfill, waste-to-energy and consulting services and will also help move Waste Management toward meeting three of its sustainability goals:
– doubling its renewable energy production
– tripling the amount of recyclables processed by 2020, and
– investing in emerging technologies for managing waste.