- Integrated Green Energy Solution’s (IGE) joint venture is moving closer to construction for its fuel site
- The joint venture, Integrated Green Partners, will use plastics otherwise destined for landfill to makes a range of fuels
- Joint venture partner, GEP Fuel and Energy Indiana, will make an upfront payment of US$40 million to Integrated Green Energy for site construction
- The location for the fuel site has recently been rezoned for heavy industrial activity
- Shares in Integrated Green Energy Solution closed 45.5 per cent higher, with shares priced 16 cents apiece
Integrated Green Energy Solution’s (IGE) joint venture is moving closer to construction for its fuel site.
Integrated Green Partners (IGP) was formed by Integrated Green Energy Solution and GEP Fuel and Energy Indiana.
IGP will process auto shredder residual (ASR), produced int he shedding of automobiles, into a range of different fuels including Road Ready Diesel, Road Ready Petrol, Naphtha, Marine fuel and Marine Diesel Oil.
GEP Fuel and Energy Indiana will make an upfront payment of US$39.6 million to IGE for site construction in Indiana.
The payment forms part of the total US$70 million that will be paid to IGE for the 24 on-site modules capable of processing 50 tonnes per day of ASR derived plastics.
CEO of GEP Fuel and Energy Indiana and CEO of IGP Stephen Hogan said the companies are proud to be closer recycling the material.
“We are committed to getting the inaugural ASR to fuel site built in the immediate term. With funding secured and the site locked down it makes good commercial sense to prioritise the construction of the IGES technology.”
“We are proud to work with IGES and are sure the IGP roll out will be a great commercial success and have an amazing impact on the environment,” he said.
The location for the fuel site was rezoned earlier in December to Heavy Industrial.
Shares in Integrated Green Energy Solution closed 45.5 per cent higher, with shares priced 16 cents apiece