Harvest Power, a start-up that coverts organic waste to energy, has raised $110 million in a Series C round. So reports the Wall Street Journal.
Harvest Power investors include Al Gore’s Generation Investment Management, Kleiner Perkins Caufield & Byers, DAG Ventures and True North Venture Partners.
The existence of Harvest Power itself reflects a broader movement in the U.S. away from landfills and toward other means of waste disposal, the Journal says.
This waste-to-energy approach uses anaerobic digestion to create natural gas and is already in use in Germany and Spain. It also creates fertilizer.
Harvest Power, which plans to hit between $75 million and $100 million in revenue this year, sells fertilizer made at its compost facilities, charges fees for picking up trash and sells power from power-generation facilities.
It is building two commercial power generation plants in Canada, where it will sell power to local utilities. It is also planning to build a waste-to-electricity facility for a Florida theme park and is planning to buy a waste processing facility in New Jersey, the Journal reports.
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