Cox Enterprises Continues to Invest in Technologies Converting Waste into Clean Energy
Tuesday, July 30th, 2019
Advancing its strategy to build a sustainable world, Cox Enterprises announced that it has committed to investing $10 million in Sierra Energy, which recently completed a $33 million equity round led by Breakthrough Energy Ventures. Sierra Energy will use the funding to further develop and commercialize its FastOx technology, which converts virtually any waste into energy and clean fuels.
This new technology breaks down waste to its molecular level, converting the material into an energy-dense syngas, stone and metal. The technology is modular, scalable and does not produce any process emissions.
"Sierra Energy is a great example of pioneering new technology that can positively impact our communities and our planet," said Alex Taylor, president and CEO of Cox Enterprises. "We believe in investing in like-minded businesses that share our vision for a brighter future and leaving things in better shape for the next generation."
Cox Enterprises is a private, family-owned company with a long-standing commitment to building businesses that support local communities and the environment. Its investment in Sierra Energy is part of a new strategy to build a business that tackles sustainability challenges, while also driving profitability, topline growth and industry diversification. Cox Enterprises seeks to invest in resource efficiency solutions that provide sustainable energy, food and water for the rapidly growing global population.
"We are making strategic investments in the cleantech sector to build a business that drives positive environmental change," said Steve Bradley, assistant vice president of cleantech strategy and investments. "We are excited about our partnership with Sierra Energy because they are addressing a massive planetary problem in an innovative way."
Since 2007, Cox Enterprises has invested nearly $400 million in businesses and technologies that offer sustainable solutions. This marks the fourth investment in this space since 2018, including investments in Carbon Lighthouse, Nexus Fuels and Brightfarms.
Cox Enterprises' own sustainability goals include sending zero waste to landfill by 2024 and becoming water and carbon neutral by 2044, and the company has made significant investments to achieve these goals over the past decade. Some of its investments include Golden Isles Conservation Center, a facility that is commercializing technology that breaks down tires to their original components without producing harmful emissions, and New River Clean Energy, which captures landfill gas to generate renewable energy and reduce methane emissions.
"We are very excited to work with partners like Breakthrough Energy Ventures and Cox, who invest in innovative technologies that reduce greenhouse gas emissions on a global scale," said Mike Hart, Sierra Energy's CEO. "The world is drowning in trash which, when landfilled, is a leading generator of methane, a greenhouse gas that is 86 times more harmful to our climate than CO2. Our FastOx technology can efficiently and cost-effectively convert this trash into electricity, hydrogen, renewable natural gas, diesel, ammonia, and a variety of other valuable end-products. When you combine our technology with recycling and other waste diversion strategies, you have the solution to the world's waste problem, as well as a valuable source of renewable energy."