A Comprehensive Review: Top 20 Agri-Tech Investment and Financing Deals of 2023

ZhiGeng Research Selection ZhiGeng Research Selection aims to track global and domestic trends and insights in the biotechnology sector through research and analysis, presenting industry backgrounds, current landscapes, challenges, and future development trajectories across diverse sectors—thereby broadening innovative perspectives for stakeholders across the biotech ecosystem. ZhiGeng notes that agri-tech transactions in 2023 followed a trajectory broadly similar to other technology sectors: valuations were lower and mega-funding rounds rarer compared to the peak venture capital activity seen in 2021 and early 2022. Investment in 2023 placed greater emphasis on climate-solution-oriented ventures, resulting in multiple waste-to-resource startups and carbon-reduction-focused companies appearing on this list. Notably, agricultural biotechnology—including bio-based products—remained a relatively robust investment segment throughout 2023. Below are the top 20 agri-tech deals of 2023: 1. EcoCeres (USA) — U.S.-based biorefining platform EcoCeres secured a $400 million investment from Bain Capital. The platform converts low-value waste (e.g., agricultural biomass) into high-value biofuels and biopolymers. 2. Atlas Agro (Switzerland) — Australia’s Macquarie Asset Management, via its Macquarie GIG Energy Transition Solutions (MGETS) Fund, completed an investment of up to $325 million in renewable green nitrogen fertilizer company Atlas Agro Holding AG (“Atlas Agro”) and its associated project entities. 3. Xpansiv (USA) — Green-tech firm Xpansiv raised $125 million in financing led by Blackstone Energy Partners, with participation from Bank of America and Goldman Sachs. 4. eFishery (Indonesia) — Aquaculture management platform eFishery closed a $200 million Series D round, achieving unicorn status. Investors included UAE-based G42 Global Expansion Fund (42xFund) and SoftBank Vision Fund II. 5. Charm Industrial (USA) — Charm Industrial secured a $100 million Series B round led by General Catalyst, earmarked for nationwide expansion. Charm converts agricultural biomass into carbon-rich liquids, which are then permanently sequestered underground to remove atmospheric carbon. 6. Silo (USA) — Agri-supply-chain tech startup Silo raised $100 million from First Citizens Bank. Funds will support new product development—including workflow automation tools and fintech solutions for food retailers. 7. GoodLeaf Farms (Canada) — Indoor farming company GoodLeaf Farms secured CAD $78 million in financing from the Canadian Imperial Bank of Commerce (CIBC) and Farm Credit Canada. It stands among the few high-profile vertical farming companies to raise significant capital in 2023.

China Gas’ Green Fuel Business Turns Profitable: Its CEO’s Venture Is Forging a Second Growth Curve

China Gas Holdings Limited reported revenue of HK$29.53 billion for the first half of fiscal year 2026 (1H26), up 7.3% year-on-year; post-tax operating profit reached HK$4.75 billion, up 18.8%; core profit totaled HK$3.96 billion, up 22.4%; and attributable net profit amounted to HK$3.64 billion, up 22.8%. What makes these figures remarkable is not that a utility company has suddenly become high-growth—but rather that its green fuel business has transitioned from the investment phase into a profit-contributing stage. Traditional gas operations continue to serve as a stable foundation, while new businesses have—for the first time—clearly altered the profit growth trajectory. [27175580 p.1] | Metric | 1H26 Actual | YoY / Status | |--------|-------------|--------------| | Revenue | HK$29.53 billion | +7.3% | | Core Profit | HK$3.96 billion | +22.4% | | Post-Tax Operating Profit (Green Fuels) | HK$540 million | Turned profitable | | Mainland Gas Sales Volume | 18.6 billion cubic meters | Flat | The traditional business base shows no high growth—but still defines the safety margin. In the first half of 2026, Hong Kong gas sales volume stood at 14,414 terajoules, down 3.5% year-on-year; EBITDA margin was 51.1%. Mainland city gas sales volume remained flat at 18.6 billion cubic meters; gross margin per cubic meter widened by RMB 0.01 to RMB 0.55; residential price pass-through coverage exceeded 90%, and industrial price pass-through has been largely completed. New customer connections totaled 499,000 households, down 28% year-on-year—reflecting continued weakness in real-estate-linked growth. Group procurement accounts for approximately 10–15% of total supply; long-term gas sourcing contracts cover ~15 billion cubic meters. Revenue from the “Gas+” business reached RMB 790 million (+13%), with gross profit of RMB 220 million (+14%). Though this segment offers little upside for valuation, it provides steady cash flow and access to customers. [27175580 p.1] A research report excerpt—showing only the table or chart region supporting the core thesis. Source: China Gas (0003.HK): Green Fuel Profitability Inflection Point Confirmed. The profitability inflection point stems from EcoCeres—not all green projects maturing simultaneously. Green fuel business post-tax operating profit reached HK$540 million, of which EcoCeres contributed HK$634 million—compared to a HK$130 million loss in the same period last year. The research report explicitly notes this as cash-profitable. Meanwhile, VENEX posted a HK$92 million loss; green methanol sales volume in the first half totaled ~3,200 tonnes—still modest in scale. Thus, the so-called “inflection point” is more accurately described as follows: mature production lines and product structures have already demonstrated profitability; newer projects remain on their learning curves. Valuing the entire green fuel portfolio at EcoCeres’ current profitability level would overlook critical differences in technology, feedstock, and customer certification. [27175580 p.1] An analytical chart constructed based on disclosed actuals in the research report, used to verify operational trends and key variables. Expansion plans are ambitious—but capacity does not equal sales volume. The company plans to commission its Inner Mongolia green methanol plant (300,000 tonnes/year) before year-end, and advance its Foshan project (200,000 tonnes/year) in Q4—bringing total planned capacity to 500,000 tonnes. Its Dongguan SAF/HVO project (450,000 tonnes/year) has already been contracted; upon completion, EcoCeres’ total capacity is expected to reach 1.22 million tonnes. Its Malaysian plant is already operational, but scheduled maintenance in the second half may impact sales volumes. These figures reflect corporate plans or management guidance—not yet realized output.

Bain-backed renewable fuel maker EcoCeres targets $1 billion Hong Kong IPO, sources say

20 hours ago

EcoCeres, a Hong Kong-based renewable fuel producer backed by Bain Capital, plans a $1 billion IPO in Hong Kong by year-end focusing on sustainable aviation fuel (SAF).

reuters

2026-09-24

Bain-backed renewable fuel maker EcoCeres targets $1 billion Hong Kong IPO, sources say

Bain-backed renewable fuel maker EcoCeres targets $1 billion Hong Kong IPO, sources say

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