Integrated Green Energy Executes Term Sheet to Construct Plastics to Fuel Facility in the USA
Integrated Green Energy Limited (IGE) has executed a Term Sheet with a USA based company, GEP Fuel & Energy LLC (GEP) to Design and Construct a 1,500 tonnes per day Plastics to Fuel Facility at Port Arthur, Texas. Commencement of the Facility is anticipated by Calendar Year end 2015.
In addition to the fees receivable for the Design & Construction component of the Port Arthur, Texas Facility IGE will receive a 15 year Royalty Stream of Gross Sales and a small equity position in the US entity.
GEP will have the right to construct a further 4 Plastic to Fuel Facilities throughout the USA utilising the IGE technology under the same commercial terms as outlined above.
IGE is leading the world to effectively convert previously non-recyclable plastics into “on-road fuels” through a proprietary conversion system with a Zero Carbon Footprint.
Interview with CEO, Bevan Dooley, and tour of facility
UPDATE: 4 AUG 2015
NEW FEEDSTOCK CONTRACT
Integrated Green Energy Limited (IGE) has executed a new feedstock supply agreement, replacing the feedstock supply agreements described in the announcement of 10 April 2015. The Feedstock Agreement gives significantly more certainty to the arrangements for securing sufficient feedstock to operate IGE’s commercial waste plastic to fuel plant in Berkeley Vale, New South Wales. The contracted term is for up to 10 years, starting on 1 October 2015.
UPDATE: MAY 18 2015 – PLANT SUCCESSFULLY COMMISSIONED
IGE are pleased to announce that the first phase of commissioning of the Berkeley Vale plastics to fuels plant has been completed successfully. Road-ready fuels have been produced which will be independently tested and evaluated.
IGE Management advise that further commissioning activities and enhancements to the Plant will be undertaken over the course of the coming weeks, including training of operations staff, further testing and validation, to improve the operating processes, increase productivity and enhance product quality.
UPDATE: A new report commissioned by NRMA Motoring and Services evaluates Australia’s liquid fuel security and the growing risks in our fuel supply chain. Several remedial actions are suggested.
Excerpt from the report
- “Australians are heavily dependent on energy imports, with over 90% of domestic transport liquid fuels being sourced from imported oil or refined oil products;
- Our transport system and, in turn, our society is almost wholly oil dependent – we are at risk if we experience supply chain interruptions or a reduction in the availability of affordable oil supplies in the future;
- We have very small consumption stockholdings in Australia – about three weeks of total stocks of oil and refined liquid fuels”
Rather than burn fossil fuels and deplete scarce resources, we believe the solution for this ever-growing problem is in the ability to effectively gather, recycle and reuse non-biodegradable plastics into a useful, renewable energy source.