Renovare Environmental acquires Harp Renewables

New York-based Renovare Environmental Inc., a sustainability technology services provider for the organic waste, has announced it purchased Harp Renewables, Kentstown, Ireland, and its affiliate, Harp Electric Engineering, Brownstown, Ireland, for $20 million, comprised of $15 million of common stock and $5 million of cash. 

Harp Renewables specializes in thermophilic aerobic digestion and waste treatment solutions and has an office in Tustin, California. Harp manufactures and sells a variety of proprietary biodigesters that convert food and other organic waste into a nutrient-rich, dry, safe soil product. Then the material can be used as a fertilizer, soil amendment or soil additive.   

Harp Electrical Engineering has been operating since 2002 with extensive experience in large-scale waste management projects across the globe. 

Upon closing, Harp will nominate two representatives to the Renovare Board of Directors. Shane Finnegan, Harp's founder and president, will serve as one of those representatives on the board. 

"The combination of Harp and Renovare will dramatically increase our growth prospects by expanding our complementary product offerings and positioning Renovare as the world leader in providing renewable and sustainable solutions for the treatment of organic waste," says Tony Fuller, Renovare CEO. "As part of a broader effort to significantly reduce the emission of CO2 and greenhouse gases, companies and governments around the world are increasingly focused on developing policies, incentives and practices that encourage the reduction or elimination of organic material disposal.” 

The company says the acquisition will expand solutions for customers in North America and Europe. This includes a selection of food digesters in the industry, as well as: 

• a "dry" aerobic digester solution that reduces weight and volume of food and organic waste, and produces a dry, safe, nutrient-rich soil product; 
• a "wet" aerobic digester solution that produces an environmentally friendly effluent that can be discharged into existing drainage lines, and features patented, cloud-based technology monitoring systems; and, 
• a variety of capacity solutions, ranging from compact low-volume food waste processors to solutions that can process several hundred thousand pounds of food waste per week. 

Renovare says the acquisition will allow it to expand manufacturing capabilities, extend the geographic reach and augment its management team. 

This transaction was unanimously approved by the boards of directors of both companies, is expected to close in the first half of 2022, subject to satisfaction of closing conditions. This includes obtaining the approval of Renovare's shareholders, obtaining financing of the acquisition cash and other customary closing conditions.