Itochu invests in Impact Bioenergy’s Series A funding

US distributed bioenergy firm Impact Bioenergy on Thursday said it has completed a USD-3.6-million (EUR 3.6m) Series A funding round, with Japanese trading house Itochu Corp (TYO:8001) participating as anchor investor.

Several of Impact Bioenergy's seed investors also took part in the fundraise.

The Seattle-based company builds and deploys community-scale systems that turn food waste into renewable natural gas. It said the funding will allow it to scale manufacturing and expand its offering to respond to strong demand spurred by the US Inflation Reduction Act and increasing state action to reduce food waste to landfills.

"Forty-percent of all the food produced in and imported into this country is never eaten. Food waste is being trucked, burned and buried at great expense and accounts for nearly 10% of our carbon emissions,” said Jan Allen, who founded the business in 2013.

Impact Bioenergy has deployed more than a dozen digesters across the country.

Impact Bioenergy's president Tim Tiscornia said the company is already working with several college and corporate campuses and is seeing interest from restaurant chains, grocery stores and others seeking to turn their organic waste into renewable natural gas.

(USD 1 = EUR 0.998)

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