Forbright Bank Finances Wasted Food-to-Energy Plant
Forbright Bank, a full-service bank operating across the US, is supporting the shift towards clean energy by funding a new food-to-energy plant in Turlock, CA.
The facility, owned by Divert, Inc., will process 100,000 tonnes of food waste annually and convert it into renewable energy.
Food waste is a leading cause of greenhouse gas emissions. Methane, a gas that traps heat in the atmosphere 25 times more effectively than carbon dioxide, is produced by human waste in landfills. Divert's new plant, partly funded by Forbright, aims to tackle this problem by using an efficient process to transform food waste into renewable energy. The facility will generate enough renewable energy to power approximately 3,000 homes annually.
Don Cole, CEO of Forbright Bank, stated that the funding for Divert's renewable energy plant is another demonstration of Forbright's crucial role in facilitating the country's shift towards cleaner energy sources. He emphasised the significance of investing in companies like Divert to support the journey towards decarbonisation.
Forbright Bank is dedicated to financing sustainable enterprises and clean energy initiatives that are propelling the development of a low-carbon economy. In the previous year, the bank assisted in over 5,000 residential solar and energy efficiency ventures. The issuance of Forbright, Inc.'s Green Bond resulted in an approximate annual reduction of 12,000 metric tons of carbon equivalent emissions. The bank has committed to retaining carbon neutrality in its operational footprint and was the seventh bank in the United States to pledge support for the U.N. Principles for Responsible Banking.
Ryan Begin, CEO and co-founder of Divert, expressed his gratitude towards Forbright Bank for their support towards Divert's mission to resolve the issue of food waste through expanding their facilities across North America. He acknowledged the crucial role of capital partners like Forbright in scaling up Divert's established solutions in California and leading a substantial shift towards a zero-waste future.
Upon becoming fully operational in 2024, the new Divert facility is expected to offset up to 23,000 metric tonnes of carbon dioxide annually. This is equivalent to eliminating nearly 5,000 gas-powered cars off the road every year.
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Source: BUSINESS WIRE