A Chicago company that turns cow manure into 100% renewable natural gas for commercial trucks just raised some serious moola.
AMP Americas announced Thursday that it has raised $47 million in equity funding from EIV Capital, a Houston-based firm that invests in the energy industry. The startup, which launched in 2011, has raised $57 million to date.
The company makes renewable natural gas from cow waste, and turns it into fuel for long-haul trucking companies. AMP Americas also owns and operates a network of public compressed natural gas fueling stations for commercial trucks.
The goal, the company says, is to get trucking fleets to use cost-effective, clean, and American-made natural gas.
AMP Americas is the parent company of ampCNG, which operates a network of compressed natural gas stations across the country that trucks can use to fill up in a more environmentally friendly, and cost effective, way. Using CNG burns 30% less CO2, compared to diesel, and greatly reduces smog. The company says CNG can save truckers over $100,000 in fuel costs over the lifetime of a one truck.
ampCNG has 19 fueling stations across the US, and is planning to open a 20th in November, according to a spokesman.
AMP Americas produces renewable natural gas at a facility at Fair Oaks Farms in Indiana, which it says is the largest on-farm biodigester in the country.
The company said it will use the new funding to build more facilities like the one in Fair Oaks, add to its network of fueling stations, and grow its team, which currently has just 16 employees.
AMP Americas declined to share revenue figures, but its clients include US Foods and Frito-Lay.
“As an integrated clean energy company with production and distribution assets across the country, we wanted a partner with proven success in both the traditional and renewable energy sectors that could help us scale and execute our aggressive growth plans,” Grant Zimmerman, CEO at AMP Americas, said in a statement. “EIV Capital has an excellent track record growing energy businesses and will help us as we invest in new biogas production, new fueling stations, and in growing our team.”