April 17, 2012 11:55am – On April 12, privately-held Harvest Power, Inc., a producer of renewable energy and fertilizer from organic waste materials, landed $110 million in Round C venture capital. This was followed up by another $2 million on April 16. The deal size represents one of the largest private VC funding rounds of 2012 and the 14th largest clean tech deal since January 2011.
As solar energy continues to struggle – BrightSource Energy withdrew its IPO last week – Harvest Power is capitalizing on near-capacity landfills and a green movement of converting waste to energy as seen in cities such as San Francisco, Vancouver, and even beginning in New York.
Unlike Harvest Power’s September round which financed a distribution-channel driven acquisition of Coastal Supply Company Inc., the $112 million Round C will be used to expand Harvest Power’s overall capabilities. The waste-to-energy producer is finishing two Canadian energy plants and has plans in the pipeline to create waste to energy facilities in New Jersey and Florida.
The investment is led by American Refining and Biochemical Inc. and True North Venture Partners, a clean-tech oriented investment firm recently launched by First Solar CEO Michael Ahearn. Ahearn joins the board of directors at Harvest Power. Also participating in the round were previous investors including Al Gore’s Generation Investment Management, Kleiner Perkins Caufield & Byers, and DAG Ventures.
Founded in 2008, Harvest Power booked nearly $50 million in revenue in 2011 and expects revenues within $75 to $100 million for 2012. Harvest Power’s revenue streams come from selling its organic waste-based power, retailing its fertilizer and soil products, and charging municipal fees for trash pickup services.
Though Harvest Power did not release a valuation, PrivCo sources confirm its growth has valued the waste energy company in its latest round within the hundred of millions of dollars. Harvest Power has raised over $180 million in funding since inception.