Gree Energy, which aims to decarbonise food processors in developing countries by transforming their wastewater into biogas, has secured US$3.2m (€3m) in a pre-Series A round of investment, reported e27.
Hong Kong-based family business Earthcare Group, which focuses on climate change mitigation, led this round.
This deal comes about eight months after the clean energy firm secured US$250,000 (€235k) in funding from Water Unite Impact.
Established in 2013, Gree Energy aims to empower the food industry to cut methane emissions and treat industrial wastewater by implementing on-site biogas facilities. It makes biogas solutions financially viable by unlocking access to carbon credit markets, green finance, and renewable energy markets.
The company's proof of concept, the Hamparan project, reduces over 30,000 CO2eq emissions annually and generates almost 10 GWh per year of clean and reliable energy for 19 villages in Lampung on Sumatra Island.
More than 1,250 food processors in Indonesia are yet to be equipped with adequate wastewater treatment solutions. This untapped potential represents an opportunity to avoid 50 million tons CO2eq emissions per annum and provide 40 TWh of clean energy.
In parallel, by 2030, Indonesia aims to increase the share of renewable electricity from 13.5% in 2021 to 34% and reduce carbon emissions by almost 32% with its efforts (43.2% with international assistance). Biogas is one of the key cornerstones for addressing this twin challenge.
“Gree’s vision to reduce pollution in the agriculture and food sector and to replace energy generated from fossil fuels is key to mitigating climate change. Gree’s business model is also highly replicable in most agricultural-based economies with growing energy demands, which is the case in large part of the Global South. The growth potential is tremendous,” said Andre Barlian, co-head of investments at Earthcare Group.
Gree Energy secures €3m for biogas project in Indonesia
