Australia-based Quinbrook Infrastructure has expanded its renewable energy portfolio with the purchase of PurposeEnergy, a renewable fuels and biogas specialist focused on developing and operating projects that convert waste streams into biogas for use in industry, conversion to renewable energy, or refinement to renewable natural gas.
One of Australia’s biggest renewable energy transition investors, Quinbrook has invested an estimated $12.2 billion (USD 8.2 billion) in green energy infrastructure assets since the early 1990s, delivering 19.5 GW of power supply capacity but managing partner and co-founder David Scaysbrook said this transaction marks its first foray into biofuels.
“Quinbrook is really excited to be moving into such a high-growth and important sector that desperately needs more sustainable solutions that convert organic food waste into renewable power and biogas,” he said.
“The demand for renewable fuels is exploding and in PurposeEnergy we have found a highly capable technical and operational team that have been in business over a decade, delivering impactful solutions for customers and the environment.”
“Now is the right time for us to scale this business to realise its full potential.”
Quinbrook said the food industry is an attractive sector for investment as it sees enormous growth opportunities. The company said the industry is under growing pressure to enforce more stringent environmental regulations, while there is a critical need for more sustainable solutions for growing food waste and the acute demand for renewable fuels across the board.
Headquartered in New Hampshire, PurposeEnergy uses technologies including its own developed and patented proprietary methods to convert organic waste streams into biogas and renewable natural gas that is sold to customers under long-term contracts.
Founded in 2007, PurposeEnergy has developed, designed and built seven projects that convert organic waste streams to biogas and renewable electricity, providing sustainable energy solutions for the food and beverage companies.
The renewable gas producer, which also works with dairies and depacking operations to convert organic waste streams to energy, has another project currently under construction and expects to start work on two more facilities later this year.
PurposeEnergy Founder and Chief Executive Officer Eric Fitch said Quinbrook’s acquisition of the company will deliver the capital resources and additional strategic relationships needed to support the rapid scale up of the company’s technology, helping it to meet the growing demand for renewable fuels.
“The investment by Quinbrook will greatly expand our ability to identify, finance, build and operate new projects,” he said.
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