Harvest Power Raises $110 Million
Harvest Power, which builds and operates anaerobic digestion plants, raised $110 million in a Series C round in support of its nationwide organic management model.
Harvest raised $52 million in 2011.
Founded in 2008, the company processes organic waste - including food scraps, yard trimmings, scrap wood and other organics - using anaerobic digestion, which produces electricity and natural gas, as well as soil and organic fertilizer products.
It has plants in British Columbia, Ontario, Pennsylvania and California and is completing construction this year on the two largest anaerobic digestion facilities in North America.
True North Venture Partners led the round, with participants including American Refining and Biochemical, Kleiner Perkins Caufield & Byers (KPCB), DAG Ventures and Generation Investment Management.
"Harvest presents a game-changing investment opportunity for True North: The company intersects our core interests of energy, water, agriculture and waste, and its business model is also highly scalable," says Michael Ahearn, Managing Partner of True North Venture Partners. Ahearn will join Harvest's Board of Directors.
500 million tons of organic materials are produced in North America each year.
Harvest has been twice named to the Cleantech 100 Top Global Companies, designated "Emerging Company of the Year" by the New England Clean Energy Council, and received an SBANE 2011 New England Innovation Award.
Here's their website: