Enbridge backs Divert in wasted food-to-RNG development

Divert Inc today unveiled a USD-1-billion (EUR 942m) infrastructure development agreement with Canada-based energy infrastructure company Enbridge Inc. (TSE:ENB) aimed at supporting the development of wasted food to renewable natural gas (RNG) facilities across North America.

The US waste food management company added it will receive USD 80 million in growth equity from Enbridge along with USD 20 million led by current investor Ara Partners. In its strategic update today Enbridge said it is acquiring a 10% stake in Divert in exchange for this investment, with the deal expected to close this month.

“Divert has emerged as a leader in creatively managing wasted food and our partnership aligns with Enbridge’s priorities in pioneering RNG as an effective solution to achieve net-zero greenhouse gas emissions,” commented Enbridge vice president Strategy & Market Innovation Caitlin Tessin.

Divert says it expanded its retail customer base last year to nearly 5,400 retail stores and has already contracted further over 1,000 stores this year. In October 2022, it announced a 10-year RNG offtake agreement with BP (LON:BP) worth about USD 175 million and related to three Divert facilities in development in California, Pennsylvania and Washington.

(USD 1.0 = EUR 0.942)

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