Divert
Forbright Bank is helping Divert, Inc. convert wasted food into clean energy.
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Overview:
Divert, Inc. is an impact technology company on a mission to Protect the Value of Food™. Founded in 2007, the company creates advanced technologies and sustainable infrastructure to eliminate wasted food, driving social and environmental impact. Divert provides an end-to-end solution that prevents waste by maximizing the freshness of food, recovers edible food to serve communities in need, and converts wasted food into renewable energy. Wasted food is a top contributor to greenhouse gas emissions. Human produced waste in landfills creates methane – a gas that is 25 times more potent at trapping heat in the atmosphere than carbon dioxide.
Approach:
- The facility will produce enough renewable energy to power roughly 3,000 homes each year.
- Forbright closed a debt financing deal to help Divert build a new wasted food to renewable energy facility in Turlock, CA.
“Forbright is aligned with Divert’s mission to solve the wasted food crisis through the continued expansion of our facilities across North America. We are pleased to have the support of capital partners like Forbright to be able to scale Divert’s proven solutions in California and drive meaningful change for a zero-waste future.”
Ryan Begin, CEO and co-founder, Divert, Inc
Result:
- Divert’s new facility will leverage anaerobic digestion to transform 100,000 tons of food waste per year into renewable energy.
- Once fully operational, the new Divert facility will offset up to 23,000 metric tons of carbon dioxide a year – the equivalent to taking nearly 5,000 gas-powered cars off the road a year.
Conclusion:
This financing is yet another example of how banks like Forbright Bank can help the country transition to cleaner energy sources. Using our capital to support companies like Divert and its wasted food to renewable energy facility is critical along the path toward decarbonization, driving positive social and environmental impact.
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