Chestnut Ridge, NY (PRWEB) February 10, 2014
CEO Frank E. Celli welcomed this investment and pointed to the recent groundbreaking action by New York City. “We are glad to see the world’s greatest city advancing its efforts towards zero waste with the recently passed legislation. Our staff played a significant role in the inclusion of aerobic, point of generation systems like our Eco-Safe Digester being listed as an approved solution for the affected generators."
The recently passed bill 1162-A requires the city’s largest food waste generators to separate food waste ensuring waste does not go to landfills. “This City Council vote is a significant step towards our PlaNYC goal of diverting more waste from landfills and for making NYC the most sustainable city in the world,” proclaimed ex-mayor Michael Bloomberg.
"We will use the recently raised capital to continue to expand on our technology team and further develop our BioHitech Cloud product. While we continue to focus on our core digester business we believe that the real-time collection, accumulation, and presentation of accurate data is the key to sustainability. Our first course of action should be reducing the generation of waste and that can only be achieved through improved information and analytics. Once we have become as efficient as possible in our operating processes we should leverage products like our digesters to improve our diversion of byproducts.”
The newly opened Harrisburg, PA office will drive the technology growth of the company led by BioHitech America’s new development team. Robert A. Graham, Managing Director of Penn Ventures said, "We are excited about this investment and believe that our management team has a clear and focused vision on how to disrupt an industry that has lagged behind in the introduction of information technology and provide valuable tools to corporate leaders worldwide in their quest toward true sustainability."
BioHitech America is the industry leader in the development of food waste disposal solutions with more than 250 products in 36 states and 4 countries. The Eco-Safe Digester handles food waste at the point of generation with no residual food waste to store or transport. Its cloud-based management solution helps divert significant volumes of waste away from landfills, convert food into net new water, reduce greenhouse gas emissions, improve the efficiency of the waste process remotely, and help to identify ways to prevent waste altogether.
Penn Ventures Partners, LP is a New Markets Venture Capital Fund focused upon growth and expansion stage venture capital investment primarily within certain underserved markets located in the middle of the Commonwealth of Pennsylvania. The principals of Penn Venture Partners are experienced in private equity investment and have managed investment capital on behalf of institutional investors for over two decades.