Bain Capital Invests $400 Million in a Biofuel Company

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by KnowESG
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Bain Capital Private Equity, based in Boston, said it had completed a deal to buy a stake in EcoCeres Inc., a renewable fuel producer, to make more sustainable investments.

In response to a query from Reuters, Bain said it had committed $400 million in growth capital for a significant stake in the business. This is one of the largest ESG-related transactions that the firm has done in Asia.

According to a document regarding the transaction released on the website of China's State Administration for Market Regulation in November, EcoCeres would be mutually controlled by Bain Capital and Hong Kong & China Gas (HKCG) rather than being solely controlled by the latter.

According to an HKCG filing last year, EcoCeres raised a total of $108 million from Kerogen Capital between February and December 2021.

The company's website says EcoCeres' products include a sort of biodiesel generated from waste greases such as palm oil mill wastewater and leftover cooking oil.

Bain said that the new proceeds would be used to build EcoCeres facilities in Malaysia that would serve clients all over the world and increase the company's total output capacity.

EcoCeres' main businesses are a biofuel plant in the province of Jiangsu in the east of China and two projects that use agricultural waste in the province of Hebei in the north.

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Source: Reuters