BioHiTech Global, Inc., a technology and services company that provides waste management solutions, announced that its subsidiary, Rensselaer Resource Recovery, LLC, has submitted an application for final approval from the state of New York to construct and operate a 72,000-square-foot HEBioT municipal waste processing facility in Rensselaer.
The planned HEBioT development project is located on 23 acres of land in Rensselaer's southern industrial area designated as an Opportunity Zone under the rules established by Congress in the Tax Cuts and Jobs Act of 2017. The company received local approval for its development plan in September 2018.
Upon completion, the facility is expected to generate approximately $12 million of high margin annual revenue through a patented waste processing system that converts approximately 40 percent of mixed municipal waste into a solid recovered fuel (SRF) while reducing landfill usage by as much as 80 percent. BioHiTech controls the exclusive U.S. development rights for the patented HEBioT solid waste processing technology developed by Entsorgafin S.P.A. in 11 northeastern states and the District of Columbia.
The Rensselaer project will be the second facility launched by BioHiTech in conjunction with Kinderhook Industries, a private investment firm that manages more than $2 billion of committed capital. Kinderhook recently contributed $5.5 million dollars in cash and assets to accelerate the growth of BioHiTech's HEBioT business. The company's first HEBioT facility, located in Martinsburg, W.Va., has completed construction and is expected to generate $7 million in annual revenue.
"We are excited to have taken this last step in the permitting process to move forward with our Rensselaer HEBioT facility project,” said Frank E. Celli, CEO of BioHiTech, in a statement. “With the city of Rensselaer having unanimously approved the project in 2018, we are now working with the state of New York to obtain its approval and begin building this important sustainability project. With our first U.S. HEBioT plant in West Virginia coming online, our Rensselaer project continuing to move forward and several other projects in the planning stage, we have a strong pipeline that we anticipate will add significant high margin revenue to BioHiTech in the years to come. We look forward to building value for our shareholders and having a positive impact on the environment through the continued rollout of our cost-effective waste management solutions."