US-based oil refining company American Refining and Biochemical has helped Harvest Power, a US-based renewable energy, soil and fertiliser company, raise $110m today.
The series C round of funding was led by True North Venture Partners. Other backers of the round were venture firms Kleiner Perkins Caufield & Byers, DAG Ventures, Generation Investment Management. US-based bank Goldman Sachs acted as placement agent for the round.
Harvest’s past backers include the US-based waste collection firm Waste Management and SAM Private Equity, a division of the Switzerland-based banking group Rabobank. Both contributed to Harvest’s $58m series B round, which closed in May.
Other companies to contribute to Harvest’s past funding include Keating Capital, Munich Venture Partners and TriplePoint Capital.
Waste Management originally came on board in January 2010, signing a strategic agreement with Harvest in the aftermath of an $18m series A round. The round closed in December 2009 and involved KPCB and Munich, both of which invested further following Waste Management’s investment. Harvest raised an additional $7.5m in debt financing from unnamed sources, in November 2010.
Harvest recycles energy and nutrients harnessed from landfills into renewable energy as well as soils, mulches and fertilisers.