Officials from Bain Capital Private Equity and EcoCeres. Credit: EcoCeres, Inc.

Global investment firm Bain Capital Private Equity has closed a deal to acquire a significant stake in Chinese renewable fuel producer EcoCeres.

Bain has made a $400m investment for a stake in the biorefinery company, reported Reuters.

The acquisition is part of the investment firm’s efforts to boost its investments in sustainable energy spaces.

In 2022, EcoCeres raised $108m in its Series A funding round from Kerogen Capital.

An advanced biorefinery platform, EcoCeres is engaged in converting waste-based biomass into a rage of biofuels, biochemicals, and biomaterials.

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Using core proprietary technologies, EcoCeres intends to develop bio-refining capabilities to deliver decarbonisation solutions. 

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Hong Kong & China Gas Limited (Towngas), which incubated EcoCeres, will continue to remain as a strategic shareholder in the biofuel firm.

Towngas chief investment officer Alan Chan said: “Having a world-class investor such as Bain Capital on the board will accelerate the growth trajectory of EcoCeres, especially with international expansion, by leveraging Bain Capital’s global platform and resources.”

The new funding will be used by the company to construct facilities in Malaysia, according to Reuters.

Bain Capital Private Equity Asia partner and co-head Jonathan Zhu said: “We are highly impressed with the company’s research and development capabilities, enabling the utilisation of 100% waste-based feedstocks and the generation of significant carbon savings.”

Bain Capital Private Equity Asia partner James Tam said: “We embrace EcoCeres’ vision to build a global leader in decarbonisation solutions much needed by the world to attain carbon neutrality, and believe we will form a productive partnership with EcoCeres and Towngas to achieve this goal.”