Harvest Power lands $110M
Cleantech business Harvest Power has raised a $110 million Series C round of funding, the company announced Thursday.
The funding of Waltham-based Harvest Power was led by True North Venture Partners and American Refining and Biochemical Inc. Existing investors Kleiner Perkins Caufield & Byers (KPCB), DAG Ventures and Generation Investment Management also participated in the round. In March 2011, the company raised $51.7 million in a series B round, which was led by Generation Investment Management, a fund started by Al Gore.
Harvest, a biogas manufacturer, said the company will use the funding to expand its capabilities. Founded in 2008, Harvest uses its technology to process organic materials (such as food scraps, scrap wood and other organic material) into renewable energy. The funding comes after the company announced plans to construct two anaerobic digestion (food waste to energy) facilities sin North America.
“Harvest presents a game-changing investment opportunity for True North: The company intersects our core interests of energy, water, agriculture and waste, and its business model is also highly scalable,” said True North Managing Partner Michael Ahearn in a written statement.
The company also announced that Ahearn will join Harvest Power’s board of directors. Goldman, Sachs & Co. (NYSE: GS) served as the placement agent.
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