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