29 Jul, 2019, 08:00 ET
ATLANTA, July 29, 2019 /PRNewswire/ -- Advancing its strategy to build a sustainable world, Cox Enterprises announced today that it has committed to investing $10 million in Sierra Energy, which recently completed a $33 million equity round led by Breakthrough Energy Ventures. Sierra Energy will use the funding to further develop and commercialize its FastOx® technology, which converts virtually any waste into energy and clean fuels.
This new technology breaks down waste to its molecular level, converting the material into an energy-dense syngas, stone and metal. The technology is modular, scalable and does not produce any process emissions.
"Sierra Energy is a great example of pioneering new technology that can positively impact our communities and our planet," said Alex Taylor, president and CEO of Cox Enterprises. "We believe in investing in like-minded businesses that share our vision for a brighter future and leaving things in better shape for the next generation."
Cox Enterprises is a private, family-owned company with a long-standing commitment to building businesses that support local communities and the environment. Its investment in Sierra Energy is part of a new strategy to build a business that tackles sustainability challenges, while also driving profitability, topline growth and industry diversification. Cox Enterprises seeks to invest in resource efficiency solutions that provide sustainable energy, food and water for the rapidly growing global population.
"We are making strategic investments in the cleantech sector to build a business that drives positive environmental change," said Steve Bradley, assistant vice president of cleantech strategy and investments. "We are excited about our partnership with Sierra Energy because they are addressing a massive planetary problem in an innovative way."
Since 2007, Cox Enterprises has invested nearly $400 million in businesses and technologies that offer sustainable solutions. This marks the fourth investment in this space since 2018, including investments in Carbon Lighthouse, Nexus Fuels and Brightfarms.
Cox Enterprises' own sustainability goals include sending zero waste to landfill by 2024 and becoming water and carbon neutral by 2044, and the company has made significant investments to achieve these goals over the past decade. Some of its investments include Golden Isles Conservation Center, a facility that is commercializing technology that breaks down tires to their original components without producing harmful emissions, and New River Clean Energy, which captures landfill gas to generate renewable energy and reduce methane emissions.
"We are very excited to work with partners like Breakthrough Energy Ventures and Cox, who invest in innovative technologies that reduce greenhouse gas emissions on a global scale," said Mike Hart, Sierra Energy's CEO. "The world is drowning in trash which, when landfilled, is a leading generator of methane, a greenhouse gas that is 86 times more harmful to our climate than CO2. Our FastOx technology can efficiently and cost-effectively convert this trash into electricity, hydrogen, renewable natural gas, diesel, ammonia, and a variety of other valuable end-products. When you combine our technology with recycling and other waste diversion strategies, you have the solution to the world's waste problem, as well as a valuable source of renewable energy."
About Cox Enterprises
Cox Enterprises is dedicated to building a better future through our leading communications, automotive services and media companies. Our major operating subsidiaries include Cox Communications, Cox Automotive and Cox Media Group. Headquartered in Atlanta, Georgia, Cox is a global company with $21 billion in annual revenues and brands that include Autotrader, Kelley Blue Book and Cox Homelife. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business committed to its people, communities and the planet. To learn more about Cox, visit coxenterprises.com, view our Sustainability Report at coxcsrreport.com, or us follow us on Twitter via @CoxEnterprises and @AlexTaylor_Cox.
About Sierra Energy Corporation
Sierra Energy is a waste gasification company founded in Davis, California in 2004. The company has developed and demonstrated its proprietary FastOx technology which transforms waste into clean, renewable energy and fuels without burning. FastOx gasification uses oxygen and steam to super heat waste and break it down at the molecular level. Sierra Energy believes gasification is the path to a zero-waste future for us all. Visit www.sierraenergy.com for more information.
About Breakthrough Energy Ventures
Breakthrough Energy Ventures (BEV) invests in companies that leverage innovative technologies to help address climate change. Backed by many of the world's top business leaders, BEV has more than $1 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from agriculture, buildings, electricity, manufacturing, and transportation. The fund was created in 2016 by the Breakthrough Energy Coalition. Visit www.b-t.energy.com to learn more.
SOURCE Cox Enterprises
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