US investment firm Bain Capital has acquired a significant stake in EcoCeres Inc, a Hong Kong-headquartered biomass company founded by Hong Kong & China Gas Limited (Towngas) which remains a strategic shareholder.
The partnership with the US investor is seen to help EcoCeres “scale up international business in the global markets and advance renewable energy technologies, among other growth initiatives,” the companies said on Thursday.
The financial details of the deal were not provided in the statements published by the parties. The US firm has separately told Reuters that it has poured USD 400 million (EUR 368.4m) in growth capital to acquire a stake in the Asian business.
EcoCeres is a biorefinery platform that converts waste-based biomass, such as waste and residue from palm oil mills and used cooking oil, into a broad range of biofuels, biochemicals and biomaterials. It produces commercialised hydro-treated vegetable oil (HVO), sustainable aviation fuel (SAF) and cellulosic ethanol.
Towngas launched the biomass company in 2021. Private equity firm Kerogen Capital joined as a backer after investing USD 108 million in EcoCeres in February 2022.