24, Feb 2023
UK-Based Hive Energy has acquired a 50% share in BambooLogic, an industrial scale bamboo plantation company
On February 24, 2023, UK-based Hive Energy [Hive] finalised the acquisition of 50% of shares in BambooLogic, a leading bamboo plantation company in Europe.
Hive Energy is a global renewable energy developer and circular economy investor. The company is on a mission to save the planet and currently holds a 27 GW pipeline of clean energy projects across more than 20 countries. The Hive Energy Group consists of global clean futures teams, including Hive Ventures, based in Liverpool, UK.
Hive Ventures is at the heart of Hive Energy’s circular economy investments. Over the past two years, the Hive Ventures team has invested in three green start-ups in the UK and the Netherlands; the companies produce sustainable packaging alternatives and bioenergy. The BambooLogic acquisition marks the fourth procurement for Hive Ventures.
BambooLogic is a well-aligned partner for Hive Energy as the company’s European low-footprint bamboo production is low-waste, fully biodegradable, and beneficial for carbon sequestration and storage within soil and durable products. The investment from Hive will support BambooLogic to accelerate business across Portugal and Europe, with plans to plant 2,000 hectares of bamboo over the next two years.
BambooLogic is the first large-scale and industry-oriented bamboo plantation company in Europe. Currently, the company has around 150 hectares established in Southern Portugal to grow bamboo, which will then be sold as a low-footprint material for use across the textile, paper, construction, composite, and food sectors. In addition to the production of affordable and sustainable bamboo, the company will be storing carbon in the soil on the farms which can then be assigned as carbon removal credits. Over the first 15 years of the project, BambooLogic plan to sequester 1,000,000 tonnes of CO2.
Rupert Maitland-Titterton, Director of Circular Economy at Hive, commented on the deal: “We are thrilled to partner with BambooLogic. At Hive Ventures we are committed to investing in circular economy businesses which have an overall carbon negative impact is the best way to secure a sustainable and clean future for our planet. BambooLogic offer a unique business proposal that utilises a natural material with minimal environmental impact. Bamboo can produce sustainable alternatives to many carbon-intensive products, and we cannot wait to see the potential of the business develop.”
Jorre Appel, Managing Director of Bamboologic commented: “I am delighted with the conclusion of this exciting deal and look forward now to fully developing the project to its full potential with Hive Energy, our new partner.”