Renovare Environmental buys Harp for $20M

In New York state, Renovare Environmental, Inc. has entered into a definitive agreement to purchase Harp Renewables and its affiliate, Harp Electric Engineering (collectively “Harp”) for $20 million, comprised of $15 million of common stock and $5 million of cash.

Through this acquisition, Renovare will become the premier provider of Digesters across North America and Europe, allowing the Company to lead the way in reducing harmful emissions from the disposal and land-filling of food and organic waste.

Harp Renewables, based in Ireland, is a global leader in thermophilic aerobic digestion and waste treatment solutions.  Harp manufactures and sells a wide range of proprietary bio-digesters that convert food and other organic waste into a nutrient-rich, dry, safe soil product that can be used as a fertilizer, soil amendment or soil additive. Harp provides an innovative solution that provides soil regeneration, and significantly reduces the emission of CO2 and greenhouse gases.  Harp Electrical Engineering has been operating since 2002 with extensive experience in large scale waste management projects across the globe.

Upon closing, Harp will nominate two representatives to the Renovare Board of Directors.