EcoCeres Valuation, Funding & Investors

EcoCeres is valued at $1.5B as of January 2023.

Last EcoCeres valuation

$1.5B

Undisclosed stage · Jan 2023

Last EcoCeres funding round

Strategic investment

Amount undisclosed · Nov 2024

Cumulative funding EcoCeres raised

$508M

across 3 funding rounds

Key investors in EcoCeres

  • Bain Capital
  • Hong Kong Investment Corporation Limited
  • Kerogen Capital

EcoCeres Overview

About EcoCeres

EcoCeres is a Hong Kong-based advanced biorefinery company converting waste-based biomass into lower-carbon transport fuels and renewable chemical products. Its principal outputs include sustainable aviation fuel and hydrotreated vegetable oil made from used oils, agricultural residues and other waste feedstocks. EcoCeres supplies airlines, fuel distributors and transport-sector customers seeking certified substitutes for fossil jet fuel and diesel. Revenue is generated through industrial production and long-term sales of renewable fuels, supported by proprietary pretreatment and refining technology. The Hong Kong-headquartered company has developed commercial production in Asia and entered partnerships aimed at expanding sustainable aviation fuel adoption. HKIC’s capital and ecosystem support are intended to accelerate technology development, international market access and Hong Kong’s role in sustainable aviation.


Founded

2018

HQ

Hong KongHong Kong

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$1.5B (Jan 2023)

EcoCeres Valuation

EcoCeres is currently valued at $1.5B, based on its undisclosed-stage round in January 2023. Read the announcement ↗

The $400M round was led by Bain Capital.

EcoCeres valuation by funding round

EcoCeres valuation by funding round
DateStageValuation
Jan 2023Undisclosed stage$1.5B

EcoCeres Funding History

EcoCeres has raised a total of $508M across 3 funding rounds.

EcoCeres' first fundraising round was a $108M Series A in February 2022. The most recent completed round was a strategic investment round in November 2024.

EcoCeres funding rounds

EcoCeres funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2024Strategic investmentHong Kong Investment Corporation Limited--On 19 November 2024, by 19 November 2024, both HKIC and EcoCeres publicly described HKIC’s investment in and strategic support for the renewable-fuels company. Neither HKIC’s cheque size nor the resulting ownership percentage or valuation was disclosed. The capital relationship accompanies work on sustainable aviation fuel, global market access and Hong Kong’s role in aviation decarbonization. Its principal outputs include sustainable aviation fuel and hydrotreated vegetable oil made from used oils, agricultural residues and other waste feedstocks. EcoCeres supplies airlines, fuel distributors and transport-sector customers seeking certified substitutes for fossil jet fuel and diesel. Revenue is generated through industrial production and long-term sales of renewable fuels, supported by proprietary pretreatment and refining technology. The Hong Kong-headquartered company has developed commercial production in Asia and entered partnerships aimed at expanding sustainable aviation fuel adoption. The investment fits HKIC’s mandate to seek medium- to long-term returns while using patient capital to strengthen Hong Kong’s technology, commercial and talent ecosystem. No evidence indicates that the transaction was debt, a grant, a fund-level commitment, an acquisition of control or a secondary sale.
Jan 2023Undisclosed stageBain Capital (lead)$400M$1.5BEcoCeres 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 January 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)$108M-EcoCeres, 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?

3 investors have backed EcoCeres across its funding rounds, including Bain Capital, Hong Kong Investment Corporation Limited and Kerogen Capital.

Lead investors include Bain Capital and Kerogen Capital.


EcoCeres Investors

Investors in EcoCeres by funding rounds participated
InvestorHQRoundsRoleFirst check
Hong Kong Investment Corporation LimitedHong KongHong Kong1ParticipantNov 2024

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EcoCeres Competitors

EcoCeres competitors include listed companies like Borregaard and CVR Partners, and private ones like Gradiant, Redwood Materials, Absolute and Biobest.

Public and private companies comparable to EcoCeres
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BorregaardNorwayNorwayPublicly listed$820M$172M$1.7B2.2x
GradiantUnited StatesBoston, MAPrivate$150M-$1B-
Redwood MaterialsUnited StatesCarson City, NVPrivate$200M-$6B30.0x
AbsoluteIndiaNew DelhiPrivate--$500M-
BiobestBelgiumWesterloPrivate--$1.5B-
CVR PartnersUnited StatesUnited StatesPublicly listed$606M$211M$1.3B2.5x

EcoCeres Public Comps

EcoCeres is still privately-owned, but its public comps include China Tianying, Ygsoft, Derichebourg, Orizon, Shanghai Environment Group, Takuma, Borregaard, CVR Partners, Nofar Energy and Befesa.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
China Tianying$794M$257M4.1x3.5x12.5x-
Ygsoft$389M$72M3.6x3.7x19.5x20.4x
Derichebourg$3.7B$352M0.6x0.5x6.1x5.2x
Orizon$195M$100M11.0x4.7x21.3x12.0x
Shanghai Environment Group$940M$255M3.2x3.3x11.9x12.1x
Takuma$1.1B$140M1.1x1.0x7.9x9.1x
Borregaard$820M$172M2.3x2.2x10.8x9.2x
CVR Partners$606M$211M2.9x2.5x8.4x-

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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.
What is EcoCeres' valuation?EcoCeres was last valued at $1.5B in its undisclosed-stage round in January 2023.
How much funding has EcoCeres raised?EcoCeres has raised $508M across 3 funding rounds.
What was EcoCeres' last funding round?EcoCeres' last funding round was a strategic investment round in November 2024.
Who are EcoCeres' investors?EcoCeres' investors include Hong Kong Investment Corporation Limited, Kerogen Capital and Bain Capital.
Which companies are comparable to EcoCeres?Companies comparable to EcoCeres include Borregaard, Gradiant, Redwood Materials, Absolute, Biobest and CVR Partners.

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