Rotawave Biocoal, Cate Street Capital partner on new technology
Rotawave Biocoal has signed a $20m contract with a US investment company Cate Street Capital to manufacture the technology exclusively and market it in North America and Canada.
Rotawave, which is also holding talks with UK power plant operators, claims biocoal is a sustainable and practical energy source which offers an inexpensive way of converting coal-fired stations to meet British environmental legislation.
Cate Street Capital senior vice president Richard Cyr said the new technology creates a new energy commodity in mass quantities that is efficient, environmentally sensitive and renewable.
Environmental Energy Group, Rotawave's parent company, chairman Bob Rooney said Cate Street, through its subsidiary Thermogen Industries, had seen the potential of the technology for the North American and Canadian biocoal industries.
Using its Aberdeen base for project management and its Isle of Wight plant for manufacturing, Rotawave will support Thermogen in the manufacture of the pellets in North America.
Thermogen plans to produce 100,000 tonnes of biocoal a year by next year, eventually increasing that to 1m tonnes.