Stay in the Know - Subscribe to Our Newsletters
Join a network of more than 90,000 waste and recycling industry professionals. Get the latest news and insights straight to your inbox. Free.
March 6, 2014
The Bellingham, Wash.-based solar energy firm said that CleanGen, Edmonton, Alberta, includes CleanGen Power Corp., which uses biomass wood from its recycling facility to generate electricity.
As part of the deal Sunvault also purchased a 50-percent share of Cutting Edge Tire Recycling LP, which shreds tires, according to the news release.
"There are definite synergies here that make the acquisition work well for both parties," said Gary Monaghan, Sunvault president and CEO. "Sunvault will be able to utilize its technologies in conjunction with what CleanGen is doing."
In addition, CleanGen Power also has been considering investing in a landfill, transfer station and waste-to-energy technology.
CleanGen is an Aboriginal-owned company that anticipates net income for 2014 of about $1.5 million to $1.8 million with gross revenues of about $5 million. Its electricity generation technology is scalable and can provide power to remote or isolated villages, including Aboriginal communities, of which there are 175 in Canada, Sunvault said.
The purchase calls for 19.5 million Sunvault shares to be issued to about 1.45 million Alberta Ltd. shareholders from treasury.
News Editor, Waste360
Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.
Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.
Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.
You May Also Like