Aug. 23 (Bloomberg) -- Waste Management Inc., the biggest U.S. trash hauler, is giving money and garbage to Renmatix Inc., which is developing systems to convert refuse into sugars that may be processed into fuel.
Waste Management, based in Houston, participated in a $75 million funding round, Katie Struble, a Renmatix spokeswoman, said today by phone. She wouldn’t say how much the King of Prussia, Pennsylvania-based company received from Waste Management and the hauler declined to discuss the funding.
Renmatix will use food scraps, construction debris and pulp and paper waste that Waste Management collects in urban areas as a feedstock for its cellulosic biofuel process, according to a statement today. The closely held company already uses garbage from rural areas.
The agreement expands on Waste Management’s investments in at least eight other ventures that are developing systems to convert garbage into fuel and electricity. The company estimated this year that the 112 million tons of waste it hauled away in 2011 may be worth more than $40 billion if it was all processed into energy.
“This collaboration is a continuation of our commitment to extract the value we see in waste and convert it into valuable resources,” William Caesar, president of Waste Management Recycling Services, said in the statement.
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