EnerTech Environmental Closes Financing on SlurryCarb Facility

EnerTech Environmental announced that the first commercial SlurryCarb facility in Rialto, California, has completed financing and will begin construction immediately.

The transaction, valued at $150 million, was financed through equity and a combination of tax exempt and taxable bonds. Deutsche Bank will purchase 100% of the bonds. The Rialto SlurryCarb facility will convert 675 wet tons per day of biosolids from five municipalities in the Los Angeles region into approximately 145 tons per day of renewable fuel. The renewable fuel, called E-Fuel, will be used by a local cement kiln as an alternative to coal. “EnerTech is ready to break ground on the Rialto project and begin the process of constructing a facility that will expand the renewable energy market in Southern California,” said Kevin Bolin, EnerTech president. “We believe, along with all of our stakeholders, that this is the first of many SlurryCarb facilities.” “Companies like EnerTech, that find new, eco-friendly solutions to industry challenges, are paving the way for the future,” said Jin Matsumoto, Senior Vice President of Paperboy Ventures, which provided the Series A round and working capital necessary to bring this project to financial close. “EnerTech and its partners have taken a monumental step toward reshaping the biosolids management and renewable energy sectors in North America and we are thrilled to have supported them through this venture.” A formal groundbreaking ceremony is planned for May 2007.
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