Renovare Environmental Inc.

Renovare Environmental Inc., formerly known as BioHiTech, is a Pennsylvania-based company offering organic waste reduction solutions across 10 industries, including food service, maritime, healthcare, and government. Concerning food waste, the company offers cloud-based food waste digesters that combine microorganisms, oxygen, and water to convert food waste into greywater that can be disposed of via a sewer line. The company also offers a data analytics platform that allows users to identify accurate food waste levels occurring in a system. Its food waste digesters are available in several sizes based on the volume and space requirements. For instance, the “Revolution Seed” food waste digester processes 227kg of food waste per day, and the “Revolution Sprout” processes 295kg of food waste per day.

As of January 2022, the company reports selling over 1,200 food waste digesters across 23 countries. Renovare claims that its cloud-based digesters are capable of eliminating transportation and landfill costs and also generate the same results over time irrespective of the geographical location.

One of Renovare’s key customers is Carnival Corporation, a British-American leisure cruise company that operates 24 ships. BioHiTech has received sales orders worth around USD 3.3 million from Carnival Corp, this includes the latest order in November 2021 for Renovare food waste digester and related parts, maintenance, and services which are expected to be deployed across all of Carnival Corporation’s fleet of ships. The company has also installed 12 food waste digesters in four universities located in the Northeastern US (September 2019) and also collaborated with Sprouts, (Phoenix-based farming company-January 2019) to install Revolution series food waste digesters at its first store in Philadelphia. Other key customer partners include hotels like Loew, Hilton, and Mariott, and food and beverage companies like Unilever, Costco, Hardrock Cafe, and more.

In July 2020, Renovare Environmental was listed on NASDAQ and raised  USD 8.2 million gross proceeds via a public offering. Renovare Environmental reported a revenue of USD 4.5 million (500% YoY increase) and an operating loss of USD 1.1 million (71.8% YoY decrease) in Q3 2021.