Former Reserve Bank Governor Adrian Orr has taken up a new role in the private sector, joining high-tech green innovator NZ Bio Forestry to help lead its international capital raise and global expansion.
Orr made a high-profile exit from the Reserve Bank of New Zealand in March, part way through his five-year tenure.
The departure was initially described as a "personal" decision, but documents released by the bank later revealed tensions over budget constraints and operational independence.
Orr joined the green tech firm alongside Simon Tyler, former chief executive of the Government Superannuation Fund Authority and the National Provident Fund, in supporting NZ Bio Forestry’s mission to scale up sustainable alternatives to fossil fuels.
NZ Bio Forestry developed integrated wood engineering and biorefinery facilities that convert plantation forestry biomass into biochemicals, bioplastics, biofuels, and biomaterials.
The company said its technology could dramatically reduce reliance on fossil fuels and unlock higher-value markets for New Zealand’s forestry sector.
NZ Bio Forestry chief executive Wayne Mulligan said the company was building "the next generation of sustainable industry".
"Adrian and Simon’s global fund, investment networks and banking experience, plus their leadership, will help us accelerate partnerships and investments that deliver real alternatives to fossil fuels."
The pair had already helped secure two major international agreements – with Pegasus Capital Advisors, a US-based private equity firm accredited by the Green Climate Fund, and PanCycle, a global investor focused on circular economy solutions.
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