Forbright Bank announces financing for wasted food to renewable energy facility in California
Divert, Inc. removes carbon from the food value chain by converting wasted food into renewable energy
Forbright Bank’s financing will help build a new facility in Turlock, CA
CHEVY CHASE, Md.–(BUSINESS WIRE)–Forbright Bank, a nationwide full-service bank that is helping accelerate the transition to a clean energy economy announced that it has closed on a debt financing deal to build a new wasted food to renewable energy facility in Turlock, CA. The facility, owned by Divert, Inc., will process 100,000 tons of food waste per year and turn it 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. Divert’s new facility will leverage its successful process to turn wasted food into renewable energy. The facility, funded in part by Forbright, will produce enough renewable energy to power roughly 3,000 homes each year.
“This financing is yet another example of Forbright’s important role in helping the country transition to cleaner energy sources,” said Don Cole, CEO of Forbright Bank. “Using our capital to support companies like Divert and its renewable natural gas facility is critical along the path toward decarbonization.”
Forbright Bank is committed to financing sustainable businesses and clean energy projects that are building a low carbon economy. Last year, the Bank facilitated more than 5,000 residential solar and energy efficiency projects. Forbright, Inc.’s Green Bond resulted in an estimated 12,000 metric tons of carbon equivalent emissions avoided annually. The Bank has pledged to maintain carbon neutrality in its operational footprint and was the seventh U.S. bank to become a signatory to the U.N. Principles for Responsible Banking.
“Forbright is aligned with Divert’s mission to solve the wasted food crisis through the continued expansion of our facilities across North America,” said Ryan Begin, CEO and co-founder, Divert. “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.”
Once fully operational in 2024, 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.
About Divert, Inc.:
Divert 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. The company works with five Fortune 100 companies and nearly 5,400 retail stores across the U.S., helping food retailers to reach their sustainability goals. More information about Divert can be found at www.divertinc.com
About Forbright Bank:
Forbright Bank (www.forbrightbank.com), Member FDIC, Equal Housing Lender, is a full-service bank taking action to decarbonize the economy. Headquartered in Chevy Chase, Maryland, Forbright is committed to accelerating the transition to a sustainable, clean energy economy by financing the companies, investors, and innovators driving that change.
Contacts
Ben Wakana, Forbright Bank
(301) 299-8810
Info@forbrightbank.com
Caroline Legg, Divert, Inc.
(203) 313-4228
clegg@divertinc.com
