TORONTO, March 8, 2022 /CNW/ – Kensington Capital Partners (“Kensington”) is pleased to announce the completion of a new strategic investment of $4.5 million CAD in Toronto-based food waste sustainability company, Minus Global. The investment made by Kensington will drive the reduction of food waste and its impact on the environment using proprietary food waste recycling technology created by Minus Global, the ORCA Digester. The ORCA Digester helps food waste producers measure and minimize the amount of unnecessary food purchased and aerobically digests their unavoidable waste, diverting it away from traditional collection and disposal in landfills.
“We are extremely pleased that Kensington Capital has joined our efforts to fight food waste and its impact on the environment. This investment will enable Minus Global to grow our market reach in Canada, saving more food from disposal and getting garbage trucks off the road.” Said Minus CEO, Louis Anagnostakos.
According to the United Nations, one third of all food produced in the world is wasted which equates to 1.3 billion tons per year. Meanwhile, global food waste operations continue to be characterized by inefficient transportation, expensive treatment, downcycling and disposal, leading to excessive costs and negative environmental impact. This results in over $1 trillion USD of direct economic loss and $700 billion USD in environmental costs each year.
Furthermore, 6% of global greenhouse gas emissions are caused by food loss and waste.
At the latest UN Climate Change Conference, more than 100 countries agreed to cut their methane emissions by 30% by 2030. Methane, which is released by landfilling, has 27 times greater effect on global warming than carbon dioxide. ORCA Digesters, which use a natural, biological process to breakdown food waste into its basic constituents of nutrients, protein, and water, significantly reduce the overall cost and environmental impact of food waste.
“We are very pleased with the opportunity to partner with the Minus management team. They each are industry leaders and have decades of experience in their respective fields,” said Tom Kennedy, Chairman, Kensington Capital Partners. “We look forward to helping the team with their vision toward powering a future where people use less energy, and provide cleaner, safer waste solutions. Their vision also reinforces our longstanding commitment to principles of environmental stewardship, social responsibility and ethical governance (ESG).”
In connection with the transaction, Tom Kennedy has joined the company’s board.