Impact Fund Annual Report 

Fund I Investment Profiles

Impact and Investment Thesis

AeroSafe’s innovative packaging allows customers to safely deliver temperature-sensitive products in a sustainable, environmentally friendly and reusable package that provides superior performance, while using substantially less material than typical packaging solutions. The Company benefits from industry tailwinds as the global cold-chain logistics market is expected to grow more than 25% in the next five years, driven by the increasing development of biologics and vaccines requiring cold storage.

Recent Activity

  • Compared to polyurethane containers, AeroSafe provided 11,793 metric tons of reduction in landfill waste in 2021 due to its packaging, which can be re-used more than 70 times

  • In 2021, the Company delivered 789,000 shipments to more than 100,000 end user locations in 75 different countries; AeroSafe expects to deliver more than 1 million shipments in 2022

  • AeroSafe was named #8 Fastest Growing Company by Rochester Top 100 in 2021

Health & Wellness

Energy & Environment

AeroSafe Global develops and manufactures aerogels and aerogel-related materials for use in temperature-sensitive shipping applications, providing end-to-end cold chain logistics solutions primarily for the pharmaceutical and biomedical industries.

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

24,000
metric tons of customer CO2 reduction

~250,000
shipments of COVID-19 vaccines, 
holding up to 670M doses

95,200
MWh of electricity use reduction

11,793
metric tons of landfill waste reduction

69M
gallons of water 
usage reduction

Impact Metrics

As of September 2022 unless otherwise noted

1Since inception as of July 2022

2Metric shown represents 2021 FY annual figure

Metrics calculated and provided directly by the general partner or underlying company

326,000
non-profits supported

900+
clients distributing funds through the Benevity platform or using Benevity granting solutions

$1.2B
grants awarded1

46M
cumulative volunteer hours tracked

$10B
cumulative dollars processed on the Benevity platform

467,354
total number of volunteers 

(up 28% from 2020)2

21M
platform users globally

Impact Metrics

Fund I Investment Profiles

Financial Empowerment

Community Development

Impact and Investment Thesis

Benevity’s platform encourages employee engagement and philanthropy; employees who both volunteer and donate through the platform have been shown to donate nearly two times as much as non-volunteers. Users are able to nominate new charities onto the Donation Platform, creating an attractive network to match employees and corporations with charities.

Recent Activity

  • In 2021, donation frequency and total volunteer hours increased 9% and 28% year-over-year, respectively, driven in part by more companies launching corporate matching and volunteering programs in response to an increased desire by employees for more opportunities to contribute through work channels

  • In December 2021, the Company acquired Alaya, a purpose-driven employee engagement SaaS platform, complimenting and expanding its geographic footprint

  • In June 2022, Benevity launched a new product, Benevity Affinity Groups, that allows companies to manage and track their employee resource groups more efficiently, driving diversity, equity, inclusion and belonging initiatives and supporting informed discussions about race, gender and positive change between employees

Benevity is a provider of cloud-based workplace giving and employee engagement solutions that facilitate corporate social responsibility programs such as employee and employer giving, corporate matching and volunteering initiatives.

1Patient compliance for FY 2021, compared to the conventional treatment average as of June 2021

2As of June 30, 2022

3Metric shown represents 2021 FY annual figure

Metrics calculated and provided directly by the general partner or underlying company

67%
patient compliance vs 33% conventional treatment average1

89%
patient satisfaction2

80%
conversion (referral to PAP therapy setup)3

30,000
patients treated each year

Impact Metrics

Fund I Investment Profiles

Health & Wellness

Impact and Investment Thesis

Sleep dysfunction is a chronic widespread issue, with 50 million to 70 million Americans reporting dysfunctional sleep and an estimated 54 million adults suffering from sleep apnea. The CDC has labeled insufficient sleep as a “public health epidemic.” Accessibility is key to ensuring positive patient outcomes, and when combined with a more affordable and comprehensive solution, BetterNight (fka SleepData) is better able to serve customers than competitors.

Recent Activity

  • In November 2021, the Company partnered with Peerbridge Health, a digital health company focused on heart disease, to accelerate the diagnosis and treatment of patients with both atrial fibrillation and sleep apnea in cardiology practices 

  • In January 2022, Hamilton Lane invested an additional $12.5 million in the Company’s bridge financing round through HL Impact Fund II to support continued growth. HL Impact Fund I previously invested in BetterNight (fka SleepData) in 2021 

  • In 2022, the Company recognized a link between diabetes and sleep apnea, and began working with diabetes practitioners, providing the tools necessary through the BetterNight telehealth platform, to better manage patient needs 

  • BetterNight (fka SleepData) maintained high patient compliance & satisfaction scores while continuing to scale the business

BetterNight (fka SleepData) provides sleep care diagnostics and treatment with a focus on increasing the accessibility and affordability of care while improving patient outcomes through innovations including telehealth offerings.

YTD as of June 30, 2022

Metrics calculated and provided directly by the general partner or underlying company

14,440
non-profits using the platform

61.9M
donors/constituents tracked

$11.8B
donation volume tracked since investment

Impact Metrics

Fund I Investment Profiles

Bloomerang provides donor management and retention software for small- and mid-sized, non-profit organizations, aiming to increase donation volumes for its customer base across a variety of missions.

Financial Empowerment

Community Development

Impact and Investment Thesis

Bloomerang’s software helps search, engage and retain advocates by enabling users to view, organize, track and measure donor engagement levels, addressing the biggest challenge for non-profit organizations - donor retention. The Company’s sticky platform offering has positioned it to capture additional market share within the donor management software space, which is largely fragmented

Recent Activity

  • In January 2021, the Company acquired direct competitor Kindful, extending Bloomerang’s market leading position and enhancing its e-payments processing system

  • In 2021, Bloomerang processed 7 million unique donations, representing more than $8.1 billion for non-profits  

  • The Company was named a leader in the Summer 2022 Overall Grid Report for Nonprofit CRM by G2 

  • In July 2022, the Association of Fundraising Professionals announced a strategic relationship with Bloomerang, contributing additional knowledge and skills to those operating in the philanthropic industry  

YTD as of June 30, 2022

Metrics calculated and provided directly by the general partner or underlying company

8.0B
kWh of electricity generation avoided annually

1,848
metric tons of CO2 reduced annually

Impact Metrics

Fund I Investment Profiles

Energy & Environment

Brightcore is a development, implementation and financing platform for commercial and institutional customers to deploy renewable energy and energy efficiency solutions.

Impact and Investment Thesis

Brightcore’s offerings help customers improve their environmental footprint and lower energy costs in order to achieve meaningful reductions in emissions and waste. The Company addresses clear needs for energy transformation across several key business lines including LED lighting, Solar Photovoltaic installation, Geothermal heating and cooling, battery storage and EV charging.

Recent Activity

  • Brightcore is forecasted to increase revenue 2-3x compared to 2021 results due to several new projects primarily centered in the Northeastern U.S.; greater revenue translates to enhanced impact as Brightcore’s platform helps customers transition to more sustainable solutions  

  • The Company has secured exclusive rights to a proprietary HVAC technology that is energy efficient and suitable for dense, urban environments 

  • While Brightcore has been adversely affected by the global supply chain issues, with increased pricing and extended delivery time for equipment orders, management is actively addressing these issues, incorporating longer lead times in new projects and repriced existing projects where possible

Climate Impact Partners has received the following accolades or awards:

  • Rated a Best for the World B Corporation in the U.K
  • Has won The Queen’s Award for Enterprise in Sustainable Development twice
  • Rated the #1 profit with purpose employer in the U.K. by Escape the City
  • Has won Best Offset Retailer from Environmental Finance for 10 consecutive years and Best Advisory Service for four years

Recent Activity

  • In April 2021, Climate Impact Partners completed a synergistic merger with Natural Capital Partners that further expands its footprint in North America and creates a global market leader in the carbon offsetting space  

  • In April 2022, ClimateCare and Natural Capital Partners formally rebranded to Climate Impact Partners and set a goal to deliver 1 billion metric tons of emission reductions by 2030

  • The Company’s current project pipeline comprises four projects that would contribute an additional ~12 million tonnes of CO2 reduction 

Fund I Investment Profiles

Energy & Environment

Community Development

Metrics shown represent cumulative figures as of June 30, 2021

1Metric shown represents cumulative figure as of March 31, 2022

Metrics calculated and provided directly by the general partner or underlying company

130M
metric tons of CO2 reduced1

64B
total value delivered

$46M
lives improved

Impact Metrics

Climate Impact Partners (fka ClimateCare/Natural Capital Partners) provides carbon offset consulting services, carbon finance project development and carbon credit portfolio creation and management. The Company structures, develops and delivers large-scale emission reduction and removal programs for corporate clients across the voluntary and compliance carbon markets.

Impact and Investment Thesis

Climate Impact Partners works with corporations to assess their carbon footprint and create a program in which the client can purchase carbon credits to fund a range of sustainability projects. The carbon market is projected to accelerate as consumer demand for sustainability, regulation and climate risk to operations and supply chains increases causing companies to proactively consider corporate actions related to ESG and their carbon footprints. 

As of June 30, 2022, unless otherwise noted

1Metric shown represents 2021 FY annual figure

Metrics calculated and provided directly by the general partner or underlying company

107
registered learners

958
enterprise customers

17,460
degree program enrollments

$460M
in scholarships offered1

275
cumulative educator partners (universities and industry leaders)

Impact Metrics

Fund I Investment Profiles

Community Development

Impact and Investment Thesis

Coursera broadens access to higher education and skill development through its affordable online platform. The Company is a leader in a large and growing market, benefitting from strong short-term and long-term industry tailwinds.  

Recent Activity

  • The Company continues to benefit from the increasing demand for online or hybrid learning as well as remote work, which was accelerated by the COVID-19 pandemic 

  • Coursera’s platform has continued to scale as the demand for global education strengthens with total enrollments increasing 32% year-over-year (as of 2021) 

  • Coursera works with a variety of organizations to provide free learning resources to several communities in need. In 2021, the Company had granted access to free content on Coursera, representing $460 million of cost savings for students.  

  • In 2022, growth across Coursera’s Consumer, Enterprise and Degree business segments has been driven by the continued rapid digitization of work processes, investment in digital skills by institutions and expansion of global student cohorts

  • As of June 2022, Coursera offered 5,200 courses, 35 degree programs and 115 certificates

Coursera is an online education company that partners with top universities and industry leaders to offer courses, specializations and degrees, providing affordable education and enabling individuals to build careers.

As of December 31, 2021

Metrics calculated and provided directly by the general partner or underlying company

724
acres acquired of conservation habitat

4,416
acres of wetlands fully restored, under permitting or planned for future development

38
miles of streams fully restored, under construction or under permitting

88,928
trees planted

Impact Metrics

Fund I Investment Profiles

Energy & Environment

Ecosystem Investment Partners (“EIP”) targets investments in large-scale ecological restoration and conservation projects, with a focus on stream and wetland mitigation. The General Partner has extensive operating expertise in this area and a strong track record.


Impact and Investment Thesis

EIP has focused on ecological restoration solutions since inception and has developed significant expertise in the areas of engineering, wetlands biology and regulatory relations. EIP has established a deep set of relationships with natural resource agencies and conservation organizations, which provide access to significant deal flow, key resources for deal developments and outlets for property divestitures.  

Recent Activity

  • In 2021, EIP signed 67 contracts, representing $59 million of mitigation credit revenue 

  • As of March 31, 2022, the Fund had closed on ten investment projects totaling 9,600+ acres, and had a pipeline of two additional projects totaling 7,200+ acres 

  • EIP expects its investments in water quality impacting the Chesapeake Bay to reduce 38,008 points of Nitrogen per year, 7,461 lbs. of Phosphorus per year and 6,478 tons of sediment per year

  • In June 2022, the California Department of Water Resources approved EIP’s contract of the Lookout Slough Tidal Habitat Restoration and Flood Improvement Project, the largest tidal habitat restoration project in California history, which aims to restore tidal wetlands and reduce overall flood risk in the Sacramento area


Fund I Investment Profiles

Community Development

Financial Empowerment

1Metric shown represents 2021 FY annual figure

2As of December 31, 2021

3As of June 30, 2022

Metrics calculated and provided directly by the general partner or underlying company

381M
 student hours on Imagine Learning products during 20211

15M
total students using Imagine Learning solutions2

50%
of U.S. school districts using Imagine Learning solutions2

4,881
number of customers
(above $10K in revenue)3

Impact Metrics

Impact and Investment Thesis

Imagine Learning’s digital courseware can be used to fill the gaps resulting from teacher shortages and resource deficits that disproportionately affect low income and minority populations. The Company has a scalable platform with a large customer base that is well-suited to expand into additional school districts with limited additional capital expenditures. 

Recent Activity

  • In 2021, the Company acquired Twig Education, a provider of high-quality science curriculum products designed to improve science literacy globally, and Robotify, a digital curriculum company, which is now a full computer science instructional solution that meets CSTA standards and features a market-leading simulator engine to engage students 

  • In November 2021, Weld North Education announced its rebranding to Imagine Learning, which includes all the Company’s products and solutions under one name, united by a shared mission “to ignite learning breakthroughs 

  • In 2022, Imagine Learning partnered with a speech recognition company to bolster their existing Language & Literacy program using a voice technology tool that will allow educators to assess and support student reading and language learning progress more accurately and efficiently  


     

Imagine Learning provides and develops digital curriculum solutions and tools for pre-K through 12th grade, with a diversified suite of products including digital courseware, supplemental learning solutions, digital-first core curriculum and instructional services.

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

43.5M
lbs. of food saved from a lesser outcome

23,242
metric tons of CO2 avoided

1.7B
gallons of water use avoided

6.6M
lbs. of food donated

5.0M
lbs. of packaging collected

Impact Metrics

Fund I Investment Profiles

Energy & Environment

Community Development

Impact and Investment Thesis

Imperfect Foods was founded with a mission to offer sustainability-conscious consumers curated groceries and produce with a goal of reducing food waste. Food waste is responsible for 8-10% of global greenhouse gas emissions. Imperfect reduces food waste and avoids associated greenhouse gas emissions by utilizing food that otherwise would have gone to lesser outcomes or to a landfill. 

Recent Activity

  • Imperfect Foods recently appointed a new CEO and senior leadership, including several senior professionals from Amazon. The new team will aim to refine the delivery and fulfillment strategy and focus on improving customer acquisition and retention  

  • The Company is focused on attracting ‘core’ customers: Consumers who are focused on sustainability and are then more likely to be long-term subscribers to Imperfect Foods

  • In March 2022, Imperfect committed to being a net-zero carbon company by 2030 and was certified as a B Corp

  • In September 2022, Imperfect Foods announced a merger with Misfits Market, which will help to accelerate impact growth and further expand its consumer offerings. The transaction will enable both brands to deliver a better, more sustainable grocery experience.

Imperfect Foods offers consumers overlooked or rejected, but otherwise sustainable, fresh and high-quality groceries due to surplus or imperfections related to shape or size through a weekly delivery service.

As of June 30, 2022

Metrics calculated and provided directly by the general partner or underlying company

47%
of capital in healthy living investments

13%
of capital in sustainable systems investments

40%
of capital in people power investments

Impact Metrics

  • A leader in distributed clinical trials, delivering effective therapies to patients faster by transforming clinical drug development
  • A manufacturer of automation robotics that make warehouses more productive, efficient and safe
  • A tech-enabled, in-home care solution for seniors
  • A provider of AI software that delivers real-time insights to gastroenterologists
  • A talent recruiting platform for nurses and hospital systems

Obvious exists to support entrepreneurs who work to solve humanity’s biggest problems and reimagine huge sectors of the global economy to move the planet forward.

  • A clinical-stage biotechnology company integrating technological innovations across biology, chemistry, automation, data science and engineering to industrialize drug discovery
  • A company delivering fresh groceries straight to consumers’ doorsteps, believing good food is the most powerful force for change
  • A company that builds simple home insurance sold exclusively through independent agents, harnessing the power of technology to personalize underwriting while lowering costs
  • An Insurtech company helping brokers predict and prevent complex risks, focused on cyber
  • A platform for learning & development that enables companies to deliver, manage, and measure employee growth at scale

Recent Activity

The Fund has made 10 investments as of May 2022:

Fund I Investment Profiles

Health & Wellness

Financial Empowerment

Energy & Environment

Community Development

Fund Vintage: 2020

Fund Strategy: Obvious exclusively targets investments in areas that produce positive impact across: 

  • Sustainable Systems
  • Healthy Living
  • People Power

Impact and Investment Thesis

The Fund will target growth stage companies with established products and revenues, along with measurable impact. The General Partner has generated attractive performance within the impact space across prior funds. Annually, the General Partner releases its “World Positive Report,” detailing impact measurables achieved by portfolio companies.  


Obvious Growth I, L.P. seeks to invest in businesses creating disruptive and sustainable solutions with the potential to drive strong financial returns, positive social impact and environmental change.

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

691
MWh of battery energy discharge 

69,455
MWh of ancillary services provided 

32,691
metric tons of CO2 avoided

37,140
lbs. of NOx reduced

Impact Metrics

Fund I Investment Profiles

Project Power

Energy & Environment

Impact and Investment Thesis

Battery storage assets help reduce the reliance on high-cost, high-emission oil and natural gas peaker plants, playing a critical role in balancing intermittency associated with solar and wind power generation. Extensive wind penetration and projected additions of intermittent renewable power sources have resulted in conditions expected to increase power price volatility, a trend that should be supportive of battery storage.  

Recent Activity

  • Three Phase I projects, totaling 30 MW/60MWh, reached commercial operations in Q3 2021, generating strong margins in the first two quarters of operations 

  • Market volatility from exceptional wind output and thermal/nuclear baseload outages continues to drive favorable market conditions for batteries  

  • In March 2022, Project Power sold three operating projects and one development project to a strategic acquirer in the renewable energy space 

  • Project Power is expected to be fully realized by the end of 2022 given the Company’s plans to sell its remaining four projects to a strategic acquirer in 2H 2022

Project Power consists of a series of battery storage development projects in the Electric Reliability Council of Texas (“ERCOT”) using new and reused batteries. 

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

1.3+
annual patient visits

118,070
new patients

Impact Metrics

Fund I Investment Profiles

Health & Wellness

Impact and Investment Thesis

The Company’s success directly translates into improved patient outcomes; certain Retina practices have better vision acuity scores than regional and national averages, meaning that their patients’ vision is restored more quickly and to higher levels than other practices. The ophthalmology industry is driven by strong tailwinds, the most important of which are an aging population and the increasing ability to treat ocular conditions.

Recent Activity

  • Retina has made physician recruitment a key focus, receiving commitments from 17 new physicians throughout the U.S. in the first few months of 2022. The Company plans to add a total of 40 new physicians throughout 2022 

  • The Company is increasing the charity care they make available to low income and disabled individuals by establishing company-wide charity care policies and devoting additional resources  

  • Retina continues to maintain a robust M&A pipeline of new geographies and tuck-in acquisitions and is devoting more resources to support integrations 

  • The Company is the largest retina care provider in the U.S. with a presence in one third of the top 24 MSAs today and over 180 physicians across more than 180 locations

Retina Consultants of America provides care for retina disorders, including diabetic retinopathy, retinal detachments, macular holes and age-related macular degeneration, in addition to diagnosis and therapy services for vitreoretinal conditions.

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

57,407
acres acquired

61,576
MWh on-farm solar energy generated

Impact Metrics

Fund I Investment Profiles

Energy & Environment

Fund Vintage: 2019

Fund Strategy: Real Assets

Impact and Investment Thesis

The General Partner seeks to generate value by optimizing water and land use with a primary focus on opportunities located in the western U.S. and a secondary focus on opportunities in Australia, Chile and other regions globally. RRG has partnered with The Nature Conservancy, which will assist in evaluating and sourcing opportunities, while ensuring that investments are aligned with conservation objectives. 

Recent Activity

  • As of March 31, 2022, the Fund is ~56% invested and has returned 5% of capital across 12 investments in the U.S., Australia, Chile and Peru

  • The Fund’s diversified assets are split across categories including 42% water assets, 56% agricultural assets and 2% renewable energy assets

  • The Fund supports natural climate solutions such as forest/grassland preservation, habitat protection and regenerative farming 

  • In November 2021, the Fund acquired a 12,500-acre row crop and walnut farm located in the Central Valley of California and adjacent to the Sacramento River, with the intention to restore the riverside back to wetlands and sell this portion of the land to a non-profit environmental organization that will ensure it is permanently protected


The Fund seeks to invest in inter-related water, agriculture and energy assets across the U.S., Chile and Australia. The General Partner addresses water sustainability through various methods, including development of groundwater storage.

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

320
mega volt amps (MVAr) deployed  

2.2M
metric tons of CO2 emissions averted

Impact Metrics

Fund I Investment Profiles

Energy & Environment

Impact and Investment Thesis

Smart Wires’ power flow control devices allow utilities to increase the efficiency and resiliency of existing infrastructure. This innovative Smart Valve technology addresses the growing problem of energy grid capacity, utilization and congestion, which demands $90 billion per annum of spend over the next 10 years in the U.S. and Europe.

Recent Activity

  • During Q1 2022, the Company saw meaningful pipeline growth, up 54% quarter-over-quarter including several expansion projects in Colombia, the United Kingdom and Australia through 2023

  • In February 2022, Smart Wires was awarded the Collaborate to Innovate 2021 Energy & Environment award by The Engineer for the ‘Working Smarter to Get to Net Zero’ Projects

  • In April 2022, the Company’s technology received support from the U.S. Federal government and was included in new Federal Energy Regulatory Commission requirements for utilities and a U.S. Department of Energy case study

  • Smart Wires aims to be net zero by 2050


Smart Wires designs, manufactures and sells solutions that allow utilities to control power flows on their high-voltage transmission systems, increasing the efficiency and resiliency of current infrastructure.

As of June 30, 2022

Metrics calculated and provided directly by the general partner or underlying company

138,512
cumulative Ubicell unit shipments across 
nine total locations

10,839
client devices connected to network

850,000
distribution transformer monitor data points

53%
reduction in KwH consumption in San Jose

21.6
metric tons of CO2 savings in San Jose

Impact Metrics

Fund I Investment Profiles

Simply Connected. Simply Smart.

Energy & Environment

Community Development

Impact and Investment Thesis

Ubicquia’s technology leverages existing infrastructure to make cities smarter, safer and more connected by reducing energy costs and expanding public broadband, helping to bridge the digital divide. The Company is expected to undergo significant growth as it scales its 5G technology and leverages existing key partnerships with AT&T and Ericsson. 

Recent Activity

  • In December 2021, Hamilton Lane invested $2.0 million through Fund I and $8.0 million through Fund II in a subsequent, oversubscribed financing round to help support further growth in the Company 

  • In May 2022, Ubicquia partnered with Movandi Corporation, a leader in 5G mmWave RF semiconductor technology, to create a streetlight-mounted smart repeater that installs in minutes and is compatible with 360 million existing streetlights worldwide

  • In June 2022, the Company was named a 2022 Best of Sensors in the Industrial IoT category by Questex’s Sensors Coverage and Fierce Electronics. CEO Ian Aaron was named Entrepreneur of the Year in Florida by Ernst & Young

  • In July 2022, Ubicquia launched two UbiHub platforms, a streetlight Wi-Fi platform that delivers reliable, public broadband services and cameras for traffic analytics, public safety and license plate recognition 

Ubicquia provides a cost-effective and expandable platform for Smart City and Smart Cell deployments to municipalities, utilities, telecoms and broadband service providers.   

Recent Activity

  • In 2022, Viridor is focused on scaling their plastic waste sorting & separation operations, measuring emissions at all energy recovery facilities to facilitate meaningful emissions reductions and finalizing the integrated circular economy strategy with the aim to decarbonize their recycling & waste collection fleet

  • Viridor aims to achieve net-zero emissions by 2040 and be the first net-negative emissions waste and recycling company in the U.K. by 2045

  • Viridor formed a partnership with a charity organization to support a program that raises awareness of the importance and benefits of ‘reuse’ in all communities across the U.K.

Metrics shown represent 2021 FY annual figures

Metrics calculated and provided directly by the general partner or underlying company

3.2M
metric tons of waste processed by recycling

Impact Metrics

Fund I Investment Profiles

Energy & Environment

Impact and Investment Thesis

Currently, the majority of the world’s waste is either landfilled or dumped, both highly unsustainable solutions. Viridor’s EfW facilities limit the amount of waste that is landfilled or dumped and generates partially renewable energy as a by-product. The Company’s EfW business is backed by local authority contracts in the U.K. These contracts have tenors of 20 to 25 years with contracted inflation-linkage, proven high margins and strong cash conversion. 

Viridor is a recycling, energy-from-waste (“EfW”) and waste management provider in the U.K., serving more than 150 local authorities and a range of private-sector customers.