Greentech Lead America: Harvest Power announced a $110
million financing. The funding is lead by True North Venture Partners with
American Refining and Biochemical participating alongside existing investors
including Kleiner Perkins Caufield & Byers (KPCB), DAG Ventures and
Generation Investment Management among others.
Harvest will use the funding to expand its capabilities
to address the demand from communities across North America seeking
sustainable, economical solutions for managing their organic materials.
“The significant investor interest Harvest has received
is the result of our dynamic partnerships, innovative approaches, and proven
ability to build the first nationwide organics management company,” said Paul
Sellew, CEO of Harvest.
By integrating organics recycling, renewable energy and
the production of soils, mulches and natural fertilizers, Harvest has shown
that we are a leader in a new kind of cleantech — one that lowers costs.
Harvest’s technology platform for processing organic
materials — including food scraps, yard trimmings, scrap wood and other
organics — harnesses their maximum value by producing renewable energy as well
as soil and natural fertilizer products. Harvest sold millions of bags of
organic soils and mulches at retail in 2011 and is building the two largest
food waste to energy facilities in North America.
“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,” said
Michael Ahearn, Managing Partner of True North Venture Partners.
“Harvest is well positioned to change the way we manage
organic materials,” said Amol Deshpande, a partner at Kleiner Perkins.
Founded in 2008, Harvest is a pioneer and leader in
extracting energy and nutrient-rich soils from organic materials. The company
expects to complete construction this year on the two largest anaerobic
digestion facilities in North America.