Terreva Renewables, a renewable natural gas (RNG) portfolio company founded by CIM Group, has raised $417 million from corporate and institutional investors to advance the growth of its RNG platform.
In January, Terreva completed its first RNG facility in Appleton, Wis. Terreva has since commenced commercial operation on additional RNG facilities in Pennsylvania, Illinois and Virginia. Each facility collects raw landfill methane gas and converts it into RNG to be used predominantly by large vehicle fleets running on compressed natural gas. During the first full year of operations of the four facilities, Terreva expects to provide the carbon reduction equivalent of removing approximately 21,600 cars from the road per annum or displacing the use of more than 11.2 million gallons of gasoline.
CIM Group began investing in RNG in 2021 and formed Terreva in August 2022. CIM Group formed Terreva upon the acquisition of the RNG development platform of MAS CanAm, an affiliate o