Multinational corporation HIVE Energy acquires 50% stake in BambooLogic
Recently, UK-based Hive Energy completed the acquisition of a 50% stake in BambooLogic, Europe’s first large-scale industrial-scale bamboo farm. On February 21, 2023, Hive founder and circular visionary Giles Redpath signed the Clean Planet Pact.
Hive Energy, a global renewable energy developer and investor in the circular economy, is on a mission to save the planet and is currently active in clean energy projects in more than 20 countries.
2000 hectares for cultivation and processing on site
BambooLogic’s bamboo production is completely biodegradable, and bamboo can be used in many sectors such as Low footprint alternative and has a lot of potential in terms of soil carbon sequestration. Hive BambooLogic’s investment will help accelerate its operations in Europe: the goal is to grow 2,000 hectares of bamboo and prepare bamboo processing on site within the next two years.
Currently, BambooLogic cultivates approximately 150 hectares of bamboo in southern Portugal which is then sold as a low impact material for use in the textile, paper, vehicle, construction and food industries. In addition, the company captures soil carbon via bamboo fields, and then issues certified carbon removal credits to companies that want to offset their emissions on a natural basis.
Together for a clean future and sustainable materials
Robert Maitland Titterton, Director of Circular Economy at Hive, said: “At Hive Ventures, investing in the circular economy is close to our hearts and we believe it is the best way to contribute to a sustainable and clean future for our planet. BambooLogic is a unique company that uses a natural, low-impact material. Bamboo provides an alternative sustainable development of many carbon-intensive products and we can’t wait to develop the company’s capabilities together with the Bamboologic team.” The BambooLogic team is also pleased to close this transaction and looks forward to working with Hive Energy.
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