September 20 (Renewables Now) – US private equity firm H.I.G. Capital has taken a controlling interest in Morgantown, West Virginia-based waste-to-renewable natural gas company Northern Biogas LLC, a press release said on Tuesday.
The size of the shareholding and the amount of the investment were not disclosed.
Northern Biogas builds anaerobic digester and renewable natural gas (RNG) facilities across the US, offering clean energy solutions for waste generated from dairies, landfills and other facilities producing organic waste, including food waste.
The company has already deployed its own proprietary anaerobic digester designs at various locations across the country. It has completed nine projects and is currently working on 11 projects at different stages of development, according to its website.
“We appreciate H.I.G.’s confidence in our business plan and are excited to partner with H.I.G. as we continue to execute on our development pipeline of dairy, landfill, and food waste RNG projects,” Northern Biogas’ CEO Chris Akers noted in the statement.
H.I.G. Capital is an alternative investment firm with over USD 50 billion (EUR 50.1bn) of equity capital under management. Since its founding in 1993, the Miami, Florida-based company has invested in and managed more than 300 companies across the world.
(USD 1 = EUR 1.002)