RENERGY Foods Canada, Inc. signs Letter of Intent with Scragg Development Corporation
Joint Venture: Municipal ‘Waste to Energy’ project to power Biodomes
(Vancouver, BC) – August 26th 2011. RENERGY Foods Canada, Inc. – a subsidiary of RENERGY Foods AG – developer of market disruptive horticultural technologies targeting global commercial and retail growers, announced today that it has executed a Letter of Intent (LOI) with British Columbia-based Scragg Development Corporation to use and supply a Thermal Oxidation Process System (TOPS). TOPS is a combined heat and power plant that uses a low impact gasification system to decompose carbon-based components of unsorted Municipal Solid Waste (MSW) in a manner that aims for zero discharge of waste products.
Salient points of the LOI include:
- Desire to combine forces to develop a prototype Combined Heat and Power (CHP) facility that supplies energy to RENERGY growing operations;
- The combined companies will establish RENERGY ENERGY, Inc. to commercialize the CHP facility;
- SCRAGG and RENERGY will jointly source government, institutional, and private funding on a best efforts basis;
- SCRAGG and RENERGY will jointly identify possible locations for the Prototype, which may include a 16-acre site in Whistler, British Columbia that is owned by SCRAGG;
- RENERGY ENERGY will target municipalities worldwide to process their MSW under contract.
Other terms include technology sharing, specific R&D to integrate a TOPS and Organic Rankine Cycle (ORC); a system utilizing a high molecular mass fluid to recover heat from lower temperature sources such as biomass combustion, industrial waste heat, solar ponds etc., which is ultimately converted into electricity.
“While Renergy Energy, Inc. will be a partly owned subsidiary of RENERGY Foods Canada, the benefit is that RENERGY Food Canada’s portion of the profits will be utilized to help fund Biodome land purchases near the gasification facilities,” said Chris Gielnik, President of RENERGY Foods Canada. “RENERGY ENERGY, Inc. will cross-pollinate in various ways to benefit shareholders as well as mitigate energy cost and risk. We hope to have an executed contract within the foreseeable future.”
RENERGY Biodomes are environmentally friendly and can be located anywhere, including in the most climatically inhospitable areas. Given the enhanced yields as a result of the Company’s ability to grow high margin produce for 12 months of the year, faster growing times and cost-effective energy management, clients will experience faster capital payback, enhanced profitability and compelling, consistent revenue growth.
RENERGY FOODS Canada