A Chicago startup that's developed a solution to turn cow waste into renewable natural gas for trucking fleets has landed a major round funding to fuel its business.
AMP Americas announced Thursday that it has raised $75 million in a round led by EIV Capital, a Houston firm that invests in energy businesses. The company has now raised more than $130 million to date. It last raised a $47 million round in 2017.
AMP Americas turns cow poop into renewable natural gas to fuel major trucking fleets, such as UPS. The startup builds and operates on-farm renewable natural gas projects, and it was the first company to bring dairy renewable natural gas to market. It's also the only company that delivers dairy RNG to California fleets under the Low Carbon Fuel Standard, the company said.
The company currently operates three projects that produce five million gallons of renewable natural gas from dairy waste annually. The new funding will allow AMP to build new facilities and produce more renewable energy from cow waste, which is both cheaper and more environmentally friendly than diesel.
The startup also announced today that it's launching an operating services business and expanding its marketing and risk management business.
"We’re excited about this new chapter of growth," CEO Grant Zimmerman said in a statement. "We will continue to promote the proliferation of RNG to improve air quality and to reduce greenhouse gas emissions through both the development of new dairy RNG projects as well as with our marketing and risk management business."
AMP said its two new facilities will be located in the Midwest and open in 2020.
