03 Jan 2024
EcoCeres backers Bain Capital and Kerogen awarded HKVCA ESG Award for Excellence
(3 January 2024) EcoCeres, Inc. (EcoCeres), a company incubated by The Hong Kong and China Gas Company Limited and specialises in converting bio-grease into biofuels like hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF), received strategic investments from Bain Capital and Kerogen Capital (Kerogen) in 2022. Recently, Bain Capital and Kerogen have been awarded the ESG Award for Excellence by the Hong Kong Venture Capital and Private Equity Association (HKVCA) for their engagement and support in EcoCeres’ ESG practices, creating shared value for stakeholders.
Inaugurated in 2017 and held once every two years, the HKVCA ESG Award of Excellence recognises and honours private equity-backed trailblazers with outstanding ESG initiatives and accomplishments. The investments from Bain Capital and Kerogen have allowed EcoCeres to double down on its efforts to develop new technologies and expand its capacities.
As a milestone move, EcoCeres delivered its inaugural cellulosic ethanol shipment to European markets in May 2023. Compared to conventional fossil fuels, this green alternative reduces greenhouse gas emissions by more than 80%. This achievement involved the production of 850 tonnes of ethanol exclusively from agricultural waste, solidifying EcoCeres’ position as one of the few global companies capable of large-scale cellulosic ethanol production.
In addition to its existing production plant on the Chinese mainland, EcoCeres has earmarked a substantial portion of its growth capital from Bain Capital and Kerogen to construct a state-of-the-art production facility in Malaysia. The new plant will augment EcoCeres’ production capabilities, effectively doubling its output. By setting an annual capacity target of 350,000 tonnes for HVO and SAF, EcoCeres anticipates a further reduction of over 700,000 tonnes in greenhouse gas emissions by 2025, equivalent to removing more than 150,000 gasoline-powered cars from the roads each year.
With the capital injections of around US$700 million and US$108 million from Bain Capital Kerogen respectively in 2022, EcoCeres achieved unicorn status in early 2023. EcoCeres also recently signed a strategic partnership agreement with Shenzhen Expressway Environmental. Both parties will create a new model for feedstock procurement and provide a stable and high-quality bio-grease source in the form of used cooking oil for EcoCeres, allowing it to advance the circular economy, reduce carbon emissions, and pursue its ESG ambition.
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Press photos:
Photo 1:
EcoCeres’ investors Bain Capital and Kerogen are recognised by HKVCA with the ESG Award for Excellence for their engagement and support in EcoCeres’ ESG practices, creating shared value for stakeholders. The photo shows EcoCeres’ production plant in Zhangjiagang, Jiangsu.
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