April 8, 2013, Vancouver, BC – Green Energy Solution Industries, Inc. (GESI) announced that it has concluded project funding for its waste-to-energy plant near Edmonton, Alta.
Under the joint venture with its joint venture partner InREFco, there will be a revenue split of 60/40 in favor of GESI from project revenues.
The funding availability will mean that GESI will be able to begin the next steps of its waste-to-energy project development including technology site plan engineering, finalization of purchase or licensing of the selected energy technology, permit finalization, site planning, and closing of further contracts to ensure feed stock sources.
"I would like to thank all of our investors for their long endured patience,” stated GESI CEO Gordon McKay. “In today’s environment, it is uncommon to have the support of the shareholders that we have had over the last year in finding the right funding source for our tremendous business. To those who kept the faith we are honored to have you with us. We will now be able to promptly fulfill our business plan.”
Jason Watson, CEO of InREFco, added: “We have secured the funds to complete and pursue this Joint Venture with GESI and look forward to implementing the business plan.”
The plant, to be located at the 10-acre Duagh Plant Facility just outside of Edmonton, will use old and discarded railway ties.
Click here for Canadian Biomass' previous coverage of this project.