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Name | Symbol | Market | Type |
---|---|---|---|
Hong Kong and China Gas Ltd (PK) | USOTC:HOKCY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.763 | 0.7564 | 0.8739 | 0.00 | 14:14:00 |
By Fabiana Negrin Ochoa
U.S. investment firm Bain Capital's private-equity arm is investing $400.0 million to take a minority stake in EcoCeres, an Asia-based company that converts waste into fuels, chemicals and materials.
Bain Capital Private Equity's capital injection in the biorefinery follows a $108 million investment from energy-focused asset manager Kerogen Capital last February, the firm said in a statement Thursday.
EcoCeres is majority owned by Hong Kong & China Gas Co., which does business as Towngas. The utility incubated EcoCeres, and will stay on as a strategic stakeholder, according to the statement.
The investment will be used to fund the growth of EcoCeres's technology, which turns biomass like used cooking oil and palm-oil residue into renewable fuel. Its main product is hydro-treated vegetable oil, a second-generation biodiesel the company said can cut carbon emissions by over 80% compared with traditional fuel. HVO is more chemically similar to fossil diesel than first-generation biodiesel, meaning it can be blended with its fossil counterpart at any ratio and used in engines without the need for modification.
EcoCeres also produces sustainable aviation fuel and cellulosic ethanol--another biofuel--and has a combined annual capacity of 300,000 tons of HVO and SAF in operation, Thursday's statement said.
Jonathan Zhu, co-head of Bain Capital Private Equity in Asia, said the firm sees enormous opportunity for the company to help clients meet decarbonization targets and become a key contributor in reducing greenhouse-gas emissions worldwide.
Alan Chan, chief investment officer at Towngas, said he expects having an investor like Bain Capital on the board will accelerate EcoCeres's growth trajectory, especially in international expansion.
Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com
(END) Dow Jones Newswires
January 12, 2023 03:00 ET (08:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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