Updated: Bioenergy Devco receives $30M investment from HASI

Annapolis, Maryland-based Bioenergy Devco, the North American division of Italy-based BTS Bioenergy LLC, has received a $30 million investment by Hannon Armstrong Securities LLC, a subsidiary of Hannon Armstrong Sustainable Infrastructure Capital Inc. (HASI), an Annapolis-based fund that describes itself as an investor in climate solutions.  

According to a news release from Bioenergy Devco, the financing will support the development of  about 20 anaerobic digestion (AD) facilities in the United States to “bring sustainable organic waste recycling, reductions in greenhouse gas (GHG) emissions and a sustainable energy resource to more communities in North America.”   

“These facilities are spread throughout the country and we're looking forward to being able to build them out, says Shawn Kreloff, founder and CEO of Bioenergy Devco. “A lot of them have been approved by our investment committee."

Kreloff adds that the modular plants are standardized and are based on Bioenergy Devco's facility in Jessup, Maryland. Each facility will be able to take in about 100,000 tons of organics annually or more depending on how many modules are used.

The first facility that will benefit from this investment will be Bioenergy's digester project on a 225-acre site in Seaford, Delaware. The facility would receive waste from Perdue, a poultry producer with operations in the area.

While Kreloff did not disclose details from Bioenergy Devco's other planned facilities, he did confirm the company expects to secure permitts for at least two more of the planned projects this year.

Kreloff adds the company has built more than 250 AD facilities around the world and looks forward to bringing the technology to more communities in North America.  

“We are excited to partner with Bioenergy Devco and provide the capital to accelerate delivery of their market-leading technology solutions for the energy transition,” says HASI Managing Director Annmarie Reynolds. “Organics recycling facilities provide a much-needed source of reliable, storable renewable fuel while mitigating potent GHGs.” 

The company says a portion of the investment will go toward its existing facility, though Kreloff declined to say how much will be reinvested.

HASI joins Bioenergy Devco’s existing investor base, which includes Newlight Partners LP, a growth equity investment firm; Sagewind Capital LLC, a middle-market private equity firm, both based in New York; and Irradiant Partners, a credit-focused investment manager based in Austin, Texas. As of reporting, the company has raised around $150 million for its digestor projects in the U.S.