Acquires US biogas company, Purpose Energy
New York, NY – April 12, 2023 – Quinbrook Infrastructure Partners (“Quinbrook”), a specialist investment manager focused exclusively on the infrastructure needed to drive the energy transition, is pleased to announce its acquisition of PurposeEnergy. An established US-based renewable fuels and biogas specialist, PurposeEnergy is focused on waste solutions for the food and beverage industries. Over the last 15 years, PurposeEnergy has developed, owned and operated multiple projects that convert organic waste streams to biogas for use in industrial processes, conversion to renewable electricity, or refinement to Renewable Natural Gas (“RNG”).
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. 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. PurposeEnergy is a great example of the Quinbrook model for value-add investing.David Scaysbrook
Managing Partner and Co-Founder
Headquartered in New Hampshire, PurposeEnergy utilizes proven technologies including proprietary methods developed and patented by the Company to convert organic waste streams to high value biogas and RNG that is sold to customers under long term contracts. The Company has established an impressive track record developing, designing, constructing and operating projects that have delivered high impact solutions for the food and beverage industry. In many cases, this has enabled customers to materially increase production and improve the economics of their core business.
PurposeEnergy has developed, designed and built seven projects that support the ESG, business and decarbonization objectives of some of the largest food and beverage companies in the world. The Company currently has one project in construction, two starting construction later this year and additional growth projected from existing and new customers. While PurposeEnergy has largely served the food and beverage industries, the Company also works with dairies and depacking operations to convert organic waste streams to energy.
“For more than a decade, PurposeEnergy has demonstrated technical and operational excellence in treating process wastewater and organic residuals for industrial food and beverage producers. The investment by Quinbrook will greatly expand our ability to identify, finance, build and operate new projects, helping our customers achieve their ESG goals while conserving capital to invest in their core businesses,” commented PruposeEnergy Founder & CEO Eric Fitch.
Quinbrook’s acquisition of the Company will deliver the capital resources, enhanced commitment to sustainability and ESG driven impact, and additional strategic relationships to support rapid scale up to meet the growing demand for renewable fuels. The food industry is an attractive sector for investment which is set for enormous growth given more stringent environmental regulations, the critical need for more sustainable solutions for growing food waste and the acute demand for renewable fuels across the board.
Commenting on an example of how PurposeEnergy delivers solutions for its customer partners, Agri-Mark Family Dairy Farm’s Vice President of Strategic Engagement & Sustainability, Jed Davis remarked, “The construction of the Middlebury Resource Recovery Center (MRRC) adjacent to Agri-Mark/Cabot’s flagship cheddar cheese and whey protein plant represents a critical step toward achieving our operational and sustainability goals. PurposeEnergy’s project allows us to send byproducts of cheesemaking to the digester via pipeline, creating renewable energy. This direct diversion eliminates the trucking of over 250 loads per month, reducing greenhouse gas emissions by more than 2,000 tons a year. Agri-Mark’s family farm owners are committed to protecting the local environment and maintaining a resilient dairy industry for future generations. By repurposing process organics into renewable electricity for Vermont residents, Cabot is providing award-winning dairy products while supporting commitments to our local communities.”
Quinbrook Infrastructure Partners (http://www.quinbrook.com) is focused exclusively on the infrastructure needed to drive the energy transition in the UK, US, and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.USD 8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.USD 28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the UK, US, and Australia. Quinbrook is currently developing and constructing some of the largest renewables and storage infrastructure projects ever undertaken in the UK, US, and Australia.
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