Harvest Power, a company that produces fertilizer products from organic waste, announced $51.7 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.
The company processes organic waste--including food scraps, yard trimmings, scrap wood and other organics--using a technology
platform that produces electricity and
natural gas, as well as soil and organic fertilizer products.
company has facilities in British Columbia, Ontario, Pennsylvania and
California and has broken ground near Vancouver on what it says will be North America's first commercial-scale high solids anaerobic digestion facility.
With the new funds the company intends to expand its platform throughout North America and add to its technologies.
"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," said David Blood, one of the co-founders of Generation Investment Management.
The Harvest Power was recently named to the Cleantech 100 (Top Global Cleantech companies) and was designated "Emerging Company of the Year" by the New England Clean Energy Council.