Renovare Environmental to Acquire Harp Renewables


The company is expected to show positive EBITDA and cash flow by fiscal 2023

Acquisition Accelerates Company Growth in Europe and North America

The equity and cash transaction is expected to create significant synergies

Combination product line offers the most extensive selection of organic feed digesters on the market

CHESTNUT RIDGE, NY, March 3, 2022 /PRNewswire/ — Renovare Environmental, Inc. (“Renovare” or the “Company”) (NASDAQ: RENO), a provider of circular economy and sustainability technology services for organic waste processing, today announced have entered into a definitive agreement to purchase Harp Renewables and its subsidiary, Harp Electric Engineering (collectively “Harp”) for $20 millionmade up of $15 million ordinary shares and $5 million cash.

(PRNewsfoto/Renovare Environmental, Inc.)

Thanks to this acquisition, Renovare will become the leading supplier of digesters across North America and Europeallowing the Company to lead the way in reducing harmful emissions from the disposal and landfilling of food and organic waste.

Harp Renewables, based in Ireland, is a world leader in thermophilic aerobic digestion and waste treatment solutions. Harp manufactures and sells a wide range of proprietary biodigesters that convert food and other organic waste into a nutrient-rich, dry, and safe soil product that can be used as a fertilizer, soil amendment, or soil additive. Harp offers an innovative solution that ensures soil regeneration and significantly reduces CO2 and greenhouse gas emissions. Harp Electrical Engineering has been operating since 2002 with extensive experience in large scale waste management projects around the world.

Upon closing, Harp will appoint two representatives to Renovare’s board of directors.

“The combination of Harp and Renovare will significantly increase our growth prospects by expanding our complementary product offerings and positioning Renovare as the global leader in providing renewable and sustainable solutions for the treatment of organic waste,” said the CEO of Renovate. Tony Fuller. “As part of a broader effort to dramatically reduce CO2 and greenhouse gas emissions, businesses and governments around the world are increasingly focusing on developing policies, incentives and practices that encourage the reduction or elimination of organic waste disposal.With the combined portfolio of solutions and an established footprint in both Europe and North Americathe company will be in a strong position to capitalize on these trends and sell our complementary products to a wider variety of industries, including food manufacturers, supermarkets, hospitals and educational institutions. »

Shane FinneganFounder and President of Harp, said, “We are thrilled to partner with Renovare and combine our engineering expertise and technology with Renovare’s product offering in an expanded market. This business combination benefits both of our businesses and will create the leading provider of sustainable, renewable, eco-friendly, waste management solutions and services. I look forward to my new role as a Renovare shareholder and board member, and to working alongside Tony, the entire management team and the board on exciting, accelerated strategic opportunities. growth and increased shareholder value.”

The Company believes that each company’s solutions are complementary and provide a comprehensive set of options to a broader range of companies seeking environmentally responsible and sustainable solutions for the treatment, reduction and disposal of organic waste. .

Transaction to extend solutions to customers of North America and Europe

With a presence in North America and Europethe combined company will provide the broadest selection of food digesters in the industry, offering:

  • A “dry” aerobic digestion solution that reduces the weight and volume of food and organic waste, and produces a dry, safe and nutrient rich soil product.

  • A “wet” aerobic digester solution that produces environmentally friendly effluent that can be discharged into existing drain lines, and features patented cloud-based technology monitoring systems.

  • A wide variety of capacity solutions, ranging from compact, low-volume food waste processors to solutions that can process several hundred thousand pounds of food waste per week.

Our customers will also benefit from a combined sales and service footprint in both North America and Europa. The transaction will allow Renovare to expand its manufacturing capabilities, expand its geographic reach and augment its management team.

Create value for shareholders

We believe this transformational transaction supports our recently announced business transition efforts and drives significant value creation in the following ways:

  • Return: shareholders benefit from projected positive cash flows.

  • Balance sheet: shareholders benefit from a combined financial profile and increased scale that can support the future balance sheet option.

  • People: shareholders benefit from an expanded team of industry-leading organic waste professionals in both North America and Europe.

  • Product: shareholders benefit from a commercial offering that offers an expanded range of organic waste digestion products, enabling increased customer growth potential in both North America and Europe.

By leveraging the strengths of each business and through geographic diversification, the combined entities are expected to have deeper market penetration to increase sales and reap the benefits of synergies.

This transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in the first half of 2022, subject to the satisfaction of closing conditions, including obtaining shareholder approval from Renovare, the receipt of the acquisition financing in cash and other customary closing conditions.

About Renovare Environmental, Inc.

Renovare Environmental, Inc. (Nasdaq: RENO), formerly BioHiTech Global, Inc., is a technology services company providing cost-effective solutions that improve environmental outcomes. Its waste management solutions include biological disposal of food waste and proprietary real-time data analysis tools to reduce food waste generation. When used individually or in combination, our solutions reduce the carbon footprint associated with transporting organic waste and can reduce or virtually eliminate landfill use. Our unique solutions enable businesses and municipalities of all types, as well as educational and government institutions to solve everyday problems smarter and more cost-effectively while reducing their impact on the environment.

Forward-looking statements

The statements contained herein contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, including statements about the ability of the Company’s products to improve environmental outcomes and achieve corporate sustainability goals, are based on numerous assumptions and estimates and are not guarantees of future performance. . These statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Renovare Environmental, Inc. to be materially different from any future results, performance or achievements expressed or implied. implied by these forward-looking statements. . Renovare Environmental, Inc. undertakes no obligation to publicly update or revise these forward-looking statements for any reason, or to update as to why actual results could differ materially from those anticipated in these forward-looking statements. , although new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation, those defined as “risk factors” in our filings with the Securities and Exchange Commission (“SEC “). There may be other factors not mentioned above or included in the Company’s filings with the SEC that may cause actual results to differ materially from those projected in the forward-looking statements. Renovare Environmental, Inc. undertakes no obligation to update forward-looking statements as a result of new information, future events or developments, except as required by securities laws.

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Company Contact:
Renovare Environmental, Inc.
Lisa Giovannielli
Vice President, Corporate Communications
Phone: 888.876.9300
Email: [email protected]

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SOURCE Renovare Environmental, Inc.



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