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- EcoCeres
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
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jan 2023 | Undisclosed stage | Bain Capital (lead) | $400M | EcoCeres 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 2022 | Series A | Kerogen Capital (lead); Bain Capital | $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?
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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialEcoCeres Competitors
EcoCeres competitors include listed companies like Borregaard and Tongwei, and private ones like PhaBuilder, Redwood Materials, Gradiant and ADAR Technologies, LLC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $807M | $169M | $1.6B | 2.2x | ||
| Private | - | - | $287M | - | ||
| Private | $200M | - | $6B | 30.0x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $220M | - | ||
| Publicly listed | $13B | $461M | $7.4B | 1.5x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $25B | $7.2B | 4.3x | 4.1x | 15.0x | 13.5x | |||
| $17B | $5.1B | 4.9x | 4.8x | 16.0x | 14.8x | |||
| $9.5B | $3B | 5.1x | 4.9x | 16.3x | 14.8x | |||
| $51B | $7.2B | 1.0x | 1.0x | 7.1x | 6.1x | |||
| $5.5B | $1.3B | 4.4x | 4.2x | 18.2x | 16.7x | |||
| $5.2B | $2.1B | 3.8x | 4.0x | 9.7x | 7.7x | |||
| $7.1B | $3.2B | 3.5x | 3.1x | 7.7x | 6.8x | |||
| $2.3B | $1.2B | 6.9x | 4.5x | 13.3x | 7.3x | |||
This data is available for Pro users. Sign up to see all EcoCeres competitors and their valuation data. Start Free Trial | ||||||||
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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