KUALA LUMPUR, Dec 7 -- CleanBay Renewables Inc (CleanBay) has announced securing investment from AVG Group Sarl (AVG), a Luxembourg-based asset manager with a focus on energy transition technology and green alternatives to fossil fuels.
According to a statement, AVG’s investment will help fund CleanBay’s development portfolio of bioconversion facilities across the US, recycling poultry litter and repurposing it into natural, controlled-release fertiliser and renewable natural gas (RNG).
The capital will also allow CleanBay to explore additional capabilities for its facilities, including green hydrogen and green LNG production, EV charging infrastructure, and carbon capture in the United States, Europe and Asia.
Earlier this year, AVG launched the Nordic ESG and Impact Fund, which focuses on investing in climate technology and climate infrastructure. As part of its investment in CleanBay, AVG acquired rights to make significant equity investments in CleanBay’s projects while also exploring options to scale CleanBay’s operations globally.
CleanBay is establishing CleanBay Norway AS in Norway, a strategic growth centre for renewable energy production, in order to expand its growth opportunities in Europe.
“CleanBay is proud to add AVG Group to our growing list of investors. Not only will AVG help accelerate our efforts in the United States, but it shows that our proprietary process design can be a viable climate solution globally,” said CleanBay Executive Chairman, Thomas Spangler.
CleanBay CEO, Donal Buckley added: “AVG Group is known for its expertise in the renewable energy sector, and we look forward to bringing even more climate solutions to market together leveraging AVG’s access to Nordic technologies.”
“AVG is excited to be working with CleanBay, as the Company directly supports our goal to build the business models of the climate future and pursue the opportunities that will provide sustainable energy independence for generations to come,” said AVG CEO, Karl Andersen.
At full capacity, each CleanBay bioconversion facility will recycle more than 150,000 tonnes of poultry litter annually.
For more information, visit https://cleanbayrenewables.com.
-- BERNAMA
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