Cox Enterprises has announced that it has committed to investing $10 million in Sierra Energy, which recently completed a $33 million equity round led by Breakthrough Energy Ventures. Sierra Energy will use the funding to further develop and commercialize its FastOx technology, which converts virtually any waste into energy and clean fuels.
This new technology breaks down waste to its molecular level, converting the material into an energy-dense syngas, stone and metal. The technology is modular, scalable and does not produce any process emissions.
Its investment in Sierra Energy by Cox Enterprises is part of a new strategy to build a business that tackles sustainability challenges, while also driving profitability, topline growth and industry diversification. Cox Enterprises seeks to invest in resource efficiency solutions that provide sustainable energy, food and water for the rapidly growing global population.
According to a recent report by Allied Market Research (AMR), the global waste to energy industry garnered $17.27 billion in 2017 and is estimated to reach $27.70 billion by 2025, registering a CAGR of 6.1% from 2018 to 2025.
The rise in demand for renewable energy sources and increase in electricity consumption worldwide has driven the growth of the market. However, high initial and maintenance costs hinder the growth of the industry. According to AMR, rapid urbanization and increase in investments by governments from developing economies such as India and China would create new opportunities for the market players in future.
Food industry giant Smithfield Foods, in December 2016, became the first major livestock company to set an absolute supply chain goal of reducing greenhouse gas emissions. The world’s largest pork producer committed to cutting emissions in its US supply chain 25% by 2025.
“We’re getting a lot of input from our customers, NGOs, and different groups as to how we can participate in an effort to reduce our carbon emissions,” says Bill Gill, assistant vice president for sustainability at Smithfield Foods.
Gill, who has been with the company for just over 30 years, heads up environmental and sustainability efforts there. He says that Smithfield has partnered with the University of Minnesota and the Environmental Defense Fund to develop a science-based approach for reducing emissions.
Agronomics, the science and technology of land cultivation that includes soil management and crop production, also plays a big role. Recently we caught up with Gill to learn more about the company’s goal, and how agronomics initiatives that include hog waste-to-energy could help Smithfield cut emissions and costs.
