EcoCeres Funding, Investors & Competitors

EcoCeres has raised $508M across 2 funding rounds, most recently a $400M undisclosed-stage round in January 2023.

Last EcoCeres funding round

$400M

Undisclosed stage · Jan 2023

Cumulative funding EcoCeres raised

$508M

across 2 funding rounds

Key investors in EcoCeres

  • Bain Capital
  • Kerogen Capital

EcoCeres Overview

About EcoCeres

EcoCeres transforms biomass waste such as used cooking oil and agricultural residues into biofuels and biochemicals at its facilities in Hong Kong and mainland China. The company operates black mass recycling for lithium batteries alongside bio-grease processing plants that produce biodiesel for regional fleets. EcoCeres supplies products to petrochemical firms and holds certifications for ESG compliance, contributing to Hong Kong's waste reduction targets under the municipal solid waste charging scheme.


Founded

2018

HQ

Hong KongHong Kong

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

EcoCeres Funding History

EcoCeres has raised a total of $508M across 2 funding rounds.

EcoCeres' first fundraising round was a $108M Series A in February 2022. The most recent completed round was a $400M undisclosed-stage round in January 2023.

EcoCeres funding rounds

EcoCeres funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2023Undisclosed stageBain Capital (lead)$400MEcoCeres is an Asia-based advanced biorefinery platform, majority owned by Hong Kong & China Gas Co. (Towngas), that converts waste-based biomass such as used cooking oil and palm-oil residue into biofuels like hydro-treated vegetable oil (HVO), sustainable aviation fuel (SAF), biochemicals, and biomaterials including cellulosic ethanol. The company operates industrial-scale production with a combined capacity of 300,000 tons per annum of HVO and SAF, and holds certifications like ISCC CORSIA plus for aviation supply. In December 2023, Bain Capital Private Equity completed a significant equity investment of $400 million to acquire a minority stake in EcoCeres, following a prior $108 million investment from Kerogen Capital in February 2022. Towngas remains a strategic stakeholder post-investment. The funds are earmarked for expanding EcoCeres's technology, international business growth, and constructing a second facility in Malaysia to increase output capacity and broaden customer base. This supports decarbonization efforts, with HVO claimed to reduce carbon emissions by over 80% compared to traditional fuels. EcoCeres positions itself as a first-mover in advanced bio-refining, leveraging proprietary technologies and a dedicated R&D team with chemical engineering expertise to address transportation fuels across diesel, jet, and gasoline sectors. Leadership from Bain Capital and Towngas anticipates accelerated global expansion to meet client decarbonization targets.
Feb 2022Series AKerogen Capital (lead); Bain Capital$108MEcoCeres, Inc. is an advanced biorefinery platform developed by The Hong Kong & China Gas Company (Towngas) that uses proprietary technologies to convert waste-based biomass into high-value renewable products. The company produces hydro-treated vegetable oil (HVO), a diesel substitute; sustainable aviation fuel (SAF), a jet fuel substitute; and has commenced pilot production of cellulosic ethanol and other biochemicals and biomaterials from agricultural waste feedstock. EcoCeres operates industrial-scale production facilities in China and serves primarily EU markets under the Renewable Energy Directive II (RED II) compliance framework. On February 24, 2022, Kerogen Capital, a specialist energy private equity investment manager with approximately $2 billion under management, completed a $108 million investment in EcoCeres. This represented EcoCeres' first external equity raise since its inception. Following the investment, Kerogen held a minority shareholding with board representation while commencing a strategic partnership with Towngas, which maintained majority control. The proceeds were designated for expanding production capacity in the renewable fuels division, commercializing industrial-scale production of renewable chemicals and materials, and ongoing research and development activities including green hydrogen and other value-added downstream products. Kerogen Capital CEO Jason Cheng highlighted the investment as part of the global decarbonization drive, emphasizing EcoCeres' excellent strategic position with unique innovative technology, significant revenue, and plant capacity, along with ambitious growth plans. The company was characterized as already profitable at the time of the investment, indicating established operational traction in the advanced biofuels market. This Kerogen investment preceded a substantially larger $400 million growth capital investment from Bain Capital later in 2022, which resulted in mutual control between Bain and Towngas.

Who has invested in EcoCeres?

2 investors have backed EcoCeres across its funding rounds, including Bain Capital and Kerogen Capital.

Lead investors include Bain Capital and Kerogen Capital.


EcoCeres Investors

Investors in EcoCeres by funding rounds participated
InvestorHQRoundsRoleFirst check

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EcoCeres Competitors

EcoCeres competitors include listed companies like Borregaard and Tongwei, and private ones like PhaBuilder, Redwood Materials, Gradiant and ADAR Technologies, LLC.

Public and private companies comparable to EcoCeres
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BorregaardNorwayNorwayPublicly listed$807M$169M$1.6B2.2x
PhaBuilderChinaBeijingPrivate--$287M-
Redwood MaterialsUnited StatesCarson City, NVPrivate$200M-$6B30.0x
GradiantUnited StatesBoston, MAPrivate--$1B-
ADAR Technologies, LLCUnited StatesPhoenix, AZPrivate--$220M-
TongweiChinaChinaPublicly listed$13B$461M$7.4B1.5x

EcoCeres Public Comps

EcoCeres is still privately-owned, but its public comps include Waste Management, Republic Services, Waste Connections, Veolia, Veralto, First Solar, CF Industries, Qinghai Salt Lake Industry, GFL Environmental and Industries Qatar.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Waste Management$25B$7.2B4.3x4.1x15.0x13.5x
Republic Services$17B$5.1B4.9x4.8x16.0x14.8x
Waste Connections$9.5B$3B5.1x4.9x16.3x14.8x
Veolia$51B$7.2B1.0x1.0x7.1x6.1x
Veralto$5.5B$1.3B4.4x4.2x18.2x16.7x
First Solar$5.2B$2.1B3.8x4.0x9.7x7.7x
CF Industries$7.1B$3.2B3.5x3.1x7.7x6.8x
Qinghai Salt Lake Industry$2.3B$1.2B6.9x4.5x13.3x7.3x

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Common questions about EcoCeres

When was EcoCeres founded?EcoCeres was founded in 2018.
Where is EcoCeres headquartered?EcoCeres is headquartered in Hong Kong, Hong Kong.
Is EcoCeres publicly listed?No, EcoCeres is a private, VC-backed company.
How much funding has EcoCeres raised?EcoCeres has raised $508M across 2 funding rounds.
What was EcoCeres' last funding round?EcoCeres' last funding round was a $400M undisclosed-stage round in January 2023, led by Bain Capital.
Who are EcoCeres' investors?EcoCeres' investors include Bain Capital and Kerogen Capital.
Which companies are comparable to EcoCeres?Companies comparable to EcoCeres include Borregaard, PhaBuilder, Redwood Materials, Gradiant, ADAR Technologies, LLC and Tongwei.

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