Food Cycle Science Secures Strategic Investment from Power Sustainable Lios to Accelerate Growth
TORONTO and OTTAWA, ON, June 11, 2024 /PRNewswire/ -- Power Sustainable Lios Inc. ("PSL"), the sustainable agrifood investment group of Power Sustainable ("PS"), announced today it has invested in Food Cycle Science Corporation ("Food Cycle Science", or "FCS"), providing FCS with strong institutional backing in direct support of their continued growth in Canada and internationally. FCS's FoodCycler® is an award-winning electric food waste recycler that transforms food scraps into a dry, odour-free by-product, avoiding methane emissions that result from food waste breaking down in landfills.
FCS designs and delivers waste solutions that enable individuals, businesses, and communities to manage their food waste conveniently and sustainably. To date, FCS has delivered over 250,000 units that are in use in over 20 countries. These solutions are both cost-effective and user-friendly, using energy-efficient technology to process food waste in homes in a manner that eliminates odours and reduces volume by up to 90%. This essential infrastructure can decrease food waste emissions by more than 75% while complementing existing systems like municipal composting and anaerobic digestion programs.
Founded in 2011, FCS sells its innovative devices to consumers in North America, Asia, and beyond. FCS launched its first household unit in North America in 2017 and now works closely with global distributors, US waste haulers, and food service operators. FCS also partners with municipalities to offer its cutting-edge solutions, winning multiple awards and recognitions for its breakthrough technology and achieving high consumer ratings. Aiming to eliminate the world's food waste, FCS continues to lead in sustainable waste management.
"We are thrilled to partner with Food Cycle Science to support their continued growth as the leader in this emerging sector," said Jonathan Belair, Managing Partner of Power Sustainable Lios. "Food Cycle Science's proprietary technology not only drastically improves the experience of managing food waste at home and within businesses, but also addresses over-capacity at landfills. Their innovative solutions represent an important tool in addressing the environmental impact of the food waste crisis, setting new standards in the industry. We are excited to help them expand their market presence."
"This is a transformative partnership for our business," said Bradley Crepeau, Chief Executive Officer of Food Cycle Science. "Over the past number of years, we've developed innovative, patented technology and demonstrated its value in the market. By partnering with Power Sustainable Lios, we can access the capabilities, networks, and capital we need to embark on our next phase of growth, entering new channels and geographies with groundbreaking new products."
"The impact of food waste is one of the most pressing challenges facing the food sector globally. PSL's extensive experience investing, operating, and advising across the food value chain makes us the ideal partner for FCS," said Craig Hanna, Partner of Power Sustainable Lios. "We have followed FCS for several years, and our research shows that their technology and business model position it as a clear leader in this growing market. Wherever food waste exists, FCS likely has the solution. We look forward to leveraging our experience and resources to help realize the full potential and impact of this innovative company."
About Power Sustainable Lios:
Power Sustainable Lios is a specialized agri-food private equity platform, supporting the sustainability transformation occurring within the food system. They invest in profitable and high-growth mid-market companies in North America operating across the food value chain, well positioned to prioritize and accelerate this change. They invest $25 million to $50 million per opportunity. Power Sustainable Lios is a subsidiary of Power Sustainable. Learn more at www.powersustainablelios.com.
About Power Sustainable:
Power Sustainable is a climate-focused investment manager which finances companies and projects that aim for both competitive returns and positive sustainability outcomes. The firm offers institutional investors exposure to alternative assets, which aim to accelerate and scale sustainable solutions across multiple industries. Power Sustainable is a subsidiary of Power Corporation of Canada (TSX: POW), an international management and holding company that focuses on financial services in North America, Europe, and Asia. With CAD$3.8 billion in assets under management (as of March 31, 2024), Power Sustainable's mission is to catalyze capital towards clean global solutions. Learn more at www.powersustainable.com.
About Food Cycle Science
Food Cycle Science Corporation designs, sells, and distributes food waste management solutions that aim to tackle the ever-growing problem of food waste. They are revolutionizing food waste management by offering unique products and innovative solutions that create sustainable practices and convert everyday food scraps into nutrient-rich, garden-ready fertilizers for households, businesses, and municipalities. Food Cycle Science promotes an environmentally sustainable life cycle, reduces landfill GHG emissions, and lowers the exorbitant cost of food waste management. Learn more at www.foodcycler.com.
For more information, contact:
Ian Cameron
Director of Communications, Power Sustainable
438-308-7697
cameron@powersustainable.com
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SOURCE Power Sustainable
