Posting in Energy
Renewable energy start-up Harvest Power has raised US$51.7M in series B funding to expand its operations in North America. The company generates energy from food and yard waste.
A cadre of investors is betting that there are big bucks in your garbage. Harvest Power, a Massachusetts based renewable energy start-up, announced today that it has just raised US$51.7 million in Series B financing.
Harvest Power converts bio waste -- including food scraps and yard waste – into energy at its facility in Vancouver. The facility utilizes an anaerobic digestion technology to extract methane from the waste – essentially mimicking nature.
“Investors recognize our platform as the smart, cost-effective choice for managing organic waste,” Paul Sellew, CEO of Harvest said in a prepared statement.
“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,” Sellew added.
Generation Investment Management led the round, a company founded by Al Gore. DAG Ventures and Keating Capital also participated along with pre-existing investors Kleiner Perkins, Munich Venture Partners, TriplePoint Capital, and Waste Management.
Harvest Power has raised a gross total of $70M from investors. It intends to use it latest financing to develop new technologies and expand its platform throughout North America, according to the company.
I’ve marveled at how much food is wasted around me in Manhattan; there’s a near endless fuel supply for companies like Harvest Power. An entire subculture has risen around reclaiming food from dumpsters.
I suppose it’s better that waste be repurposed than be sent out of state on barges to rot in landfills. The challenge would be getting New Yorkers to separate food waste from their trash (everything in my building ends up being throw by residents down a chute into a compactor despite management's pleas to recycle).
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Mar 16, 2011
People already do separate the food items from the waste by using the garbage disposal unit. Connect the garbage disposal unit to the ethanol converter. Allow conversion and harvest the fuel from the converter.
If you can commoditize the waste, it people will start separating their trash. This may be a few years off, but it seems to me that waste not created by human machines tends to find a healthy "market" by other creatures and microbes in the ecosystem. The closer we mimic that model, the more sustainable we will be.
The economics of alternative energy and waste reclamation make perfect cents - if you know whose balance sheets the incentives are ending up on.
There is already many ways we can make enough energy for our needs. Solar towers, geo-thermal, wave, tidal, ocean heat differentials, wind towers, PV- (especially coupled with sun tracker parabolic dishes/troughs). 51.7 Million could of actually BUILT 'ready-to-go' power plants based on some of these ALL-READY proven technologies. It's still all about $$$$$. When will you ppl wake-up. WE HAVE ENOUGH TECHNOLOGY NOW to give everyone access to everything they need to live and grow healthy lives, WITHOUT the need for money, or stratification. THE VENUS PROJECT.... or a similar program MUST be begun to transform our war-torn world. The Human-race is just another failed species if we can't evolve past self-interest, and realize that supporting everyone & our home planet IS THE ONLY self- interest they we need!
@ NoSacredCow -- while you touch on a smart idea to not waste our resources - there will be food waste - whether it be skin and bones from fish/chicken or rinds from oranges - watermelons - pineapple -- bananas etc. Just to name a few. The article also mentions yard waste - imagine that grass clippings--raked leaves in the fall and last nights dinner napkins can all be used to heat ones house. Right now in china - many with a family cow use the cow patties to gather methane for heating water and cooking food.
This sounds like it has promise. There's an enormous supply of readily available "fuel", and anaerobic processess have shown promise in other energy fields as well. After all, it's now appearing that petroleum itself is an anaerobic. Now, as long as the Harves Power plant produces more energy than it consumes and doesn't belch out a smokestack full of pollution, I think they're onto something. Now, since I've had a backyard compost for years, can I get my share of the 51.7 Million Dollars?