Origination

EcoCeres was originally incubated by Towngas (HKSE: 003), China’s leading city gas and utility platform. Following a decade of sustained innovation, EcoCeres successfully commercialized its biomass utilization technologies in 2022, becoming one of the first two global players capable of producing advanced renewable fuels—hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF)—at an industrial scale.

Bain Capital recognized EcoCeres as a biofuel technology pioneer in Asia with a commercially scalable platform and global reach. We saw its potential to meet surging demand for renewable transportation fuels driven by global decarbonization policies.

Opportunity and investment

In 2022, decarbonization policies had created momentum in the renewable fuel industry across the EU, the US, and China, but despite regulatory tailwinds, investors remained cautious. We had a different view. Leveraging deep diligence and our global platform, our team developed strong conviction in both the sector’s long-term potential and EcoCeres’ distinctive positioning. Our forward-looking insights and partnership approach convinced Towngas that we were the ideal partner to guide EcoCeres from early promise to global scale.

Value creation

Since becoming a joint-controlling shareholder, we have worked with EcoCeres to transform the company through strategic, operational, and international initiatives, addressing both opportunities and challenges along the way.

• Commercial excellence: Revamped the go-to-market strategy, expanding and diversifying the customer base while improving contract terms and pricing discipline.
• Operational excellence: Continued investments in R&D and production upgrades enabled EcoCeres to achieve cost-effective, industry-leading SAF yield.
• Internationalization: Established the company’s first overseas production facility in Malaysia, opened a second headquarters in Singapore, and launched a sales office in Switzerland to deepen customer engagement and global reach.
• Strategic regulatory engagement: Successfully navigated a complex EU anti-dumping investigation with favorable outcomes and proactively engaged with Chinese regulators on SAF export policies and domestic mandates.

Today, EcoCeres has evolved from an Asia-based HVO/SAF exporter into a global leader in renewable fuel solutions. With end-to-end delivery capabilities, a diversified blue-chip customer base, and a robust pipeline of next-generation technologies, EcoCeres is positioned as a key enabler of the transport industry’s long-term transition toward decarbonization. We remain a committed partner in supporting the company’s mission to deliver cutting-edge solutions to combat climate change.

“EcoCeres is one of the most exciting players in the renewable fuels industry globally. In the two years I have been with the company, I have felt the passion and dedication of our team in creating great wonders together. I look forward to working with Towngas and Bain Capital to build this company to greater success.”¹These endorsements are provided by certain CEOs and or founders of investments held by certain investment vehicles advised by Bain Capital affiliate investment advisers. None of these CEOs and or founders were directly compensated for providing these endorsements, however, the funds have made investments into such CEOs and or founders’ companies. As a result of this investment, a conflict of interest exists because the CEOs and or founders have an incentive to make positive statements about Bain Capital and their experiences with Bain Capital to maintain the goodwill with Bain Capital.

Matti Lievonen / CEO / EcoCeres

“We are highly impressed with EcoCeres’ R&D capabilities, which enable the use of 100% waste-based feedstock and generate significant carbon savings. The company has a tremendous opportunity to help clients achieve decarbonization targets and play a vital role in reducing global greenhouse gas emissions. We look forward to working closely with EcoCeres and other shareholders to help the business reach its full potential.”

Jonathan Jia Zhu / Partner / Bain Capital