Quinbrook Ventures into Renewable Fuels
Quinbrook Infrastructure Partners, an investment manager focused on energy transition infrastructure, has acquired PurposeEnergy.
PurposeEnergy, a US-based specialist in renewable fuels and biogas, has expertise in providing waste solutions for the food and beverage sectors.
The company has owned, operated, and developed several projects over the last 15 years that involve converting organic waste streams into biogas. The biogas is then used in various industrial processes, converted into renewable electricity, or refined into Renewable Natural Gas (RNG).
According to David Scaysbrook, Managing Partner and Co-Founder of Quinbrook, the company is thrilled to enter the fast-growing sector of converting organic food waste into renewable power and biogas, which demands more sustainable solutions. PurposeEnergy offers a technical and operational team with over ten years of experience delivering effective solutions for clients and the environment, making it a valuable partner. Scaysbrook added that it is the right time for Quinbrook to scale this business, and PurposeEnergy is a great representation of Quinbrook's model for value-added investment.
PurposeEnergy, based in New Hampshire, uses its proprietary technology to convert organic waste streams into valuable biogas and RNG, which are sold under long-term contracts. The company has a successful track record of developing and operating projects that have provided high-impact solutions for the food and beverage industry, enabling customers to increase production and improve their core business economics.
PurposeEnergy has constructed seven projects to support the ESG, business, and decarbonisation objectives of leading food and beverage companies. The company has new construction and growth projected from existing and new clients. PurposeEnergy also serves dairies and depacking operations for organic waste stream conversion.
Eric Fitch, Founder & CEO of PurposeEnergy, stated that for over 10 years, the company has proven its technical and operational expertise in treating organic residuals and processing wastewater for industrial food and beverage producers. Quinbrook's investment will significantly enhance their capacity to identify, finance, construct, and operate new projects, allowing their clients to reach their ESG objectives while saving resources to invest in their primary activities.
Quinbrook's acquisition will provide PurposeEnergy with the capital, sustainability, and strategic relationships needed for rapid growth in response to the demand for renewable fuels. With increasing regulations and demand for sustainable solutions, the food industry presents an attractive investment opportunity.
Jed Davis, VP of Strategic Engagement & Sustainability at Agri-Mark Family Dairy Farm, praised PurposeEnergy's Middlebury Resource Recovery Center for its contribution to the company's sustainability goals. The project diverts cheese-making byproducts to a digester via pipeline, eliminating over 250 truck trips per month and reducing greenhouse gas emissions by over 2,000 tonnes per year. The renewable electricity generated from the process supports the Vermont community while producing award-winning dairy products.
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Source: Quinbrook
