Divert, Inc. Announces Renewable Natural Gas Offtake Agreement with bp

Rhea-AI Summary

Divert, Inc. has secured a 10-year renewable natural gas (RNG) offtake agreement with bp, valued at approximately $175 million. This partnership will enable bp to purchase RNG from three facilities in California, Pennsylvania, and Washington, aimed at offsetting 36,905 metric tons of carbon dioxide annually. The deal highlights bp’s initiative to reduce greenhouse gas emissions and promote clean energy solutions. Divert, known for leading the wasted food revolution, processes over 232,000 tons of wasted food yearly, expanding its retail reach by 40% in the past two years.

Positive

• 10-year RNG offtake agreement valued at $175 million enhances bp's commitment to sustainability.
• Agreement will offset approximately 36,905 metric tons of CO2 emissions annually.
• Divert processes over 232,000 tons of wasted food per year, demonstrating operational scale.
• Divert's retail customer base has grown by 40%, increasing its market presence.

Negative

• None.

10-year deal worth approximately $175 million will support bp’s efforts to curb harmful greenhouse gas emissions and boost access to clean energy for its customers

WEST CONCORD, Mass.--(BUSINESS WIRE)-- Divert, Inc., an impact technology company on a mission to Protect the Value of Food™, today announced a 10-year renewable natural gas (RNG) offtake agreement with bp (NYSE: BP) worth approximately $175 million. Under the new agreement, bp expects to purchase RNG generated from three Divert facilities in development in California, Pennsylvania, and Washington, which would offset 36,905 metric tons of carbon dioxide per year¹. The agreement marks one of the largest known RNG offtake agreements from food waste digestion in the U.S. bp provides heat, light, and mobility to customers all over the world, with an ambition to be a net zero company by 2050 or sooner.

“The climate crisis is accelerating and the need to find alternate solutions and independent energy resources to decarbonize has never been more critical,” said Ryan Begin, CEO and co-founder, Divert. “Divert is building a revolutionary platform for sustainable change, utilizing transformative technology solutions to improve food efficiencies across industries. This long-term agreement with bp ensures that Divert will continue to lead the wasted food revolution.”

The bp agreement comes during a period of rapid growth for Divert as the market embraces new ways to address wasted food and decarbonized energy. Divert is uniquely positioned to address these changing tides as the largest anaerobic digester of wasted food in the U.S., and is already delivering on its mission to drive social and environmental impact through its advanced technologies and sustainable infrastructure. The company processes more than 232,000 tons of wasted food a year at 10 facilities across the country. In the past two years, Divert has expanded its retail customer base by 40% and added 1,500 retail storefronts to its portfolio of more than 5,200 retail stores across all 50 U.S. states.

For more information, please visit www.divertinc.com/.

About Divert

Founded in 2007, Divert, Inc. is an impact technology company on a mission to Protect the Value of Food™. Working with five Fortune 100 companies, Divert® creates advanced technology and sustainable infrastructure to prevent wasted food, driving social and environmental impact. For more information on Divert, Inc., please visit www.divertinc.com.

¹ https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results

View source version on businesswire.com: https://www.businesswire.com/news/home/20221005005918/en/

Divert Media Contact

Caroline Legg

Director of Public Relations

(203) 313-4228

clegg@divertinc.com

Source: Divert, Inc.

FAQ

What is the value of the new agreement between bp and Divert?

The agreement is valued at approximately $175 million.

How much carbon dioxide will the agreement offset annually?

The agreement will offset around 36,905 metric tons of carbon dioxide per year.

What is the duration of the RNG offtake agreement with bp?

The agreement is for a duration of 10 years.

In which states will the RNG facilities be located?

The RNG facilities will be located in California, Pennsylvania, and Washington.

How has Divert expanded its retail presence recently?

Divert has expanded its retail customer base by 40% over the past two years.