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CleanBay Renewables Secures Investment from AVG Group Sarl

·3-min read

Building on CleanBay’s Momentum in North America and Introducing the Opportunity for Global Expansion

ANNAPOLIS, Md., December 07, 2021--(BUSINESS WIRE)--CleanBay Renewables Inc. (CleanBay) today announced it has secured investment from AVG Group Sarl (AVG), a Luxembourg based asset manager with a focus on energy transition technology and green alternatives to fossil fuels. AVG’s investment will help fund CleanBay’s development portfolio of bioconversion facilities across the U.S., recycling poultry litter and repurposing it into natural, controlled-release fertilizer 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 center 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 Thomas Spangler, CleanBay’s Executive Chairman. "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," added Donal Buckley, CleanBay’s CEO.

"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 Karl Andersen, CEO of AVG.

At full capacity, each CleanBay bioconversion facility will recycle more than 150,000 tons of poultry litter annually. By repurposing a potential source of excess nutrients, each facility can generate over 750,000 MMBtus of sustainable renewable natural gas, over 100,000 tons of natural, controlled-release fertilizer, and an estimated 1,000,000 tons of CO2 equivalent emissions abatement that will be available for monetization in global carbon markets.

About CleanBay Renewables Inc.

CleanBay is an enviro-tech company founded in 2013 and focused on the sustainable management of waste through anaerobic digestion and nutrient recovery technologies which produce renewable natural gas and natural, controlled-release fertilizer. The Company’s first bioconversion facility will be located in Maryland, and the company is actively developing sites for future facilities on the Delmarva Peninsula, the Southeast, and California. CleanBay’s powerful solution to reduce air, soil, and water pollution is sustained by a robust economic model that provides businesses with an opportunity to offset their CO2 emissions, local farmers with an alternative use for their poultry litter, and a controlled-release fertilizer to increase food production and support healthy soils.

For more information, visit https://cleanbayrenewables.com.

About AVG Group Sarl

AVG Group Sarl manages the Nordic ESG and Impact Fund SCSp (the "Fund"). The strategy is to invest in energy transition technology (Climate Solutions) from fossil fuels to green alternatives. AVG invests into the local companies and then scales them globally. With offices in New York, Oslo and Luxembourg, the team delivers a global approach to ESG and Impact investing.

For more information, visit https://avgroup.io/

View source version on businesswire.com: https://www.businesswire.com/news/home/20211206005808/en/

Contacts

Andy Hallmark
Director of Corporate Communications
CleanBay Renewables
Andy@cleanbayrenewables.com

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