ImpactAlpha, May 1 – Massachusetts-based Divert culls food waste from US-based food retailers and converts it to natural gas through anaerobic digestion. A bond issued by the California Public Finance Authority will enable the company to build a food-to-fuel plant in Turlock, Calif.
Divert’s Turlock plant will process 100,000 tons of waste a year. Oil giant BP committed to buying the gas.
The bond comes on the heels of Divert’s $1.1 billion equity and project finance round backed by Ara Partners and Canadian oil company Enbridge that closed in March.