A GLOBAL renewable energy company headquartered in East Wellow has acquired a 50 per cent share of an industrial-scale bamboo plantation company.

Hive Energy finalised the acquisition of BambooLogic on February 22. The renewable energy developer and circular economy investor currently runs 27 clean energy projects across more than 20 countries.

Hive Energy sees BambooLogic as a “well-aligned” partner for the company as bamboo production is low waste, biodegradable and beneficial for carbon storage within soil and durable products.

READ MORE: Hampshire libraries launch festival on climate change

Hive’s investment aims to support BambooLogic in accelerating its business across Portugal and Europe, with plans to plant 2,000 hectares of bamboo over the next two years.

Director of circular economy at Hive Rupert Maitland-Titterton said: “We are thrilled to partner with BambooLogic. We are committed to investing in circular economy businesses which have an overall carbon negative impact is the best way to secure a sustainable and clean future for our planet.

"BambooLogic offers a unique business proposal that utilises a natural material with minimal environmental impact. Bamboo can produce sustainable alternatives to many carbon-intensive products, and we cannot wait to see the potential of the business develop.”

SEE ALSO: Man fined after fly-tipping dismantled bed in Nursling

Managing director of Bamboologic, Jorre Appel, added: “I am delighted with the conclusion of this exciting deal and look forward now to fully developing the project to its full potential with Hive Energy, our new partner."

The bamboo company currently has around 150 hectares in southern Portugal to grow bamboo, which will then be sold as a low-footprint material for use across the textile, paper, construction, composite, and food sectors.

Additionally, the business will be storing carbon in the soil on the farms to reduce emissions. Over the first 15 years of the project, BambooLogic plans to sequester 1m tonnes of carbon dioxide.