RNG Investment: Ameresco, HASI Form $1.8B Biofuel Production Venture
Renewable energy infrastructure provider Ameresco announced an agreement to form a joint venture with HA Sustainable Infrastructure Capital, Inc. (HASI) to accelerate the production of renewable natural gas.
HASI, an investor in sustainable infrastructure assets, will own 30% of the new company Neogenyx Fuels, while Ameresco will own 70%, according to a release.
Neogenyx Fuels is part of a long-running spinoff biofuels business from Ameresco. The company intends to continue contributing its biofuel operations with a $400 million boost from HASI to support the new endeavor. Neogenyx Fuels reportedly has an enterprise value of $1.8 billion.
Of the $400 million investment from HASI, $300 million will reportedly be invested into driving the business growth of Neogenyx Fuels. The remaining capital will be part of direct compensation to Ameresco’s existing biofuels business that will be leveraged toward future opportunities throughout the year, the companies stated.
Ameresco looks to leverage more than 25 years of experience in biofuels and turn methane emissions into renewable natural gas production (RNG) directly from landfills.
The process of RNG production mitigates the atmospheric release of potential methane gas in landfills. Methane emissions are ranked as multiple times more damaging to the environment than CO2, according to many scientists. Researchers also point out that biofuels are compatible with existing fossil fuel engines, which can make the transition to biofuels a bit more practical in existing fleets compared to EVs.
Ameresco has participated in renewable installations for public institutions, such as schools and the military, at the U.S. National Archives and Records Administration (NARA) sites in Maryland and Washington, D.C. They’ve recently expanded their mission towards renewable energy by moving into SMR nuclear development through an announced partnership in June 2025.
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Ameresco is known for its renewable and energy efficiency projects for on-site power customers, but the company’s work in biogas predates the Neogenyx Fuels venture by several decades.
“Ameresco has been a leader in the biofuels industry for the last twenty-five years, turning the beneficial use of biogas into a reliable low-carbon fuel source,” stated George P. Sakellaris, CEO of Ameresco, in a statement. “By enhancing the business through strategic focus and HASI’s expansive capital resources, Neogenyx Fuels will be positioned to scale faster and deliver a greater impact in this fast-growing market.”
A 2025 ICF market study highlighted that the renewable natural gas (RNG) market demand is projected to grow across sectors from approximately 139-153M MMBtu/y to as much as 612M MMBtu/y by 2030.
Sakellaris highlighted one of Ameresco’s biogas achievements in 2023 during a tour of the Benson Valley Landfill Gas to RNG Plant, which reached commercial operations at that time. The plant reportedly helps reduce 27,440 tons of annual carbon dioxide emissions.
Neogenyx Fuels’ incoming CEO, Michael Bakas, a longtime microgrid expert with Ameresco, says this partnership will grow an organic pipeline that represents a “next-generation platform for advanced biofuels” and help build the foundation for low‑carbon solutions.