ITOCHU Corporation leads investment to scale manufacturing and market expansion
SEATTLE, Oct. 27, 2022 /PRNewswire/ -- Impact Bioenergy, a Seattle-based renewable energy company today announced it has completed its Series A funding round in the amount of $3.6M. ITOCHU Corporation, one of Japan's leading general trading companies, is an anchor investor in the round, with several of Impact Bioenergy's seed investors also participating. Impact Bioenergy builds and deploys community-scale systems that convert food waste into renewable natural gas, diverting food waste from landfills for productive reuse while also making a meaningful difference in reducing carbon emissions to reverse climate change.
The funding will enable Impact Bioenergy to scale manufacturing and to expand its offering to meet the strong demand the company is seeing in the wake of the Inflation Reduction Act of 2022 and increasing state-level activity legislating and incentivizing the reduction of food waste to landfills. Impact Bioenergy, which was founded in 2013 by Jan Allen, has already deployed over a dozen digesters in active operation across the country.
"Forty-percent of all the food produced in and imported into this country is never eaten. Food waste is being trucked, burned and buried at great expense and accounts for nearly 10% of our carbon emissions. Converting food waste to energy not only reduces transportation costs and fuel consumption but also generates electricity, heat and carbon offsets. Rarely does a technology come along that has so much positive impact with zero waste," said Jan Allen, who built his first digester in 1979 while a student at Purdue University.
"We are all looking for actions we can take to have a positive impact on the climate right now," said Tim Tiscornia, Impact Bioenergy's President. "Our products do just that. We are already working with several college and corporate campuses. We are fielding calls every week from restaurant chains, grocery stores and others who want to make a meaningful impact on the environment by turning their organic waste into renewable natural gas and drive toward carbon neutrality."
Impact Bioenergy, operating since 2013, is a leader in anaerobic digestion (AD). Impact Bioenergy manufactures and sells community-scale, prefabricated systems that convert food waste, liquids, and other organic materials into renewable natural gas and fertilizer with zero waste.
Anaerobic digestion has been used as a method for converting organics to energy for several decades. Historically, AD projects have been large-scale. Our proprietary technology reduces the physical footprint and costs for AD, and is wholly odor-free, enabling community-level installation and acceptance. Impact Bioenergy has patented a modular and containerized system to create a product specifically scaled for local use.
Impact Bioenergy has been named a "top five company to watch" among waste-to-resource disruptors globally and a key player in the global organic waste recycling market. The company was a finalist in the US Department of Energy Water Resource Recovery competition in 2021 and in the American Biogas Council Innovation of the year competition for onsite, containerized systems in 2017.
ITOCHU Corporation, formed in 1858, is one of Japan's leading general trading companies. ITOCHU has presence in 62 countries and trades globally in energy, machinery, food, metals, chemicals and minerals as well as textiles and other general products. ITOCHU transforms businesses, and this strategic investment in Impact Bioenergy is in line with our corporate goal of proactively developing renewable energy sources essential to a decarbonized society in order to withdraw from thermal coal interests and reduce fossil fuel operations and interests across the portfolio by 2024.
For more information: press@impactbioenergy.com
Website: https://impactbioenergy.com/
SOURCE Impact Bioenergy
Share this article