Monday, Waste Management, Inc. (WM) with Harvest Power announced an agreement to invest in Harvest Power to expand next generation organics recycling facilities across the United States and Canada. As part of this agreement, Waste Management joins founding investors Kleiner Perkins Caufield & Byers and Munich Venture Partners, who also increased their investments in Harvest.
Harvest has significant expertise in organic waste management, from building and operating large-scale organics recycling facilities to marketing compost products. The company stated that Harvest owns and operates the largest food and yard waste composting facility in North America, located in Richmond, British Columbia. Harvest is also developing innovative high solids aerobic and anaerobic digestion and composting technologies, which accelerate the decomposition of organic materials to produce renewable energy that offsets the use of fossil fuels.
According to the company, this process creates clean biogas that can be converted into electricity, liquefied natural gas, or compressed natural gas, and also generate high quality, nutrient-rich compost products.
Tim Cesarek, managing director of Organic Growth at Waste Management said, "we want to extract more value from the materials we manage than anyone else in our industry through new and emerging processing and conversion technologies,Combining Waste Management's industry leadership and expertise in the collection and management of a wide range of segmented waste streams with Harvest's leading technologies and industry knowledge will be key to developing new, high value added end markets for organic materials and accelerating the growth of organics recycling across North America."
It is estimated that North America generates over 180 million tons of organic waste each year and as state, provincial, and national mandates and incentives for renewable energy continue to increase, demand for local distributive, clean energy resources is higher than ever.
The company further stated that the agreement with Harvest complements Waste Management's comprehensive waste services in the areas of recycling, landfill, waste-to-energy and consulting services. This investment will also help move Waste Management toward meeting three of its sustainability goals: doubling its renewable energy production and tripling the amount of recyclables processed by 2020, and investing in emerging technologies for managing waste.
WM is traded at $32.72 down $0.14 or 0.43% on NYSE.
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