Cielo Waste Solutions has confirmed the receipt of the $250,000 (€227,898) joint venture (JV) fee from Renewable U Lethbridge, following the Memorandum of Understanding (MoU) agreed between the two companies in July 2019.
The full fee agreed under the MoU has now been delivered to Cielo to secure the territory of Lethbridge in Alberta, Canada and the surrounding 100km radius. Cielo and Renewable U Lethbridge plan to build a renewable diesel refinery at the site location.
The Lethbridge refinery marks Cielo’s fifth renewable diesel JV refinery that will use Cielo’s technology to convert around three tonnes of rubbish per hour into high-grade renewable fuels. Renewable U Lethbridge will finance Cielo’s refineries in Lethbridge, Grande Prairie, Medicine Hat and Brooks. The first refinery is currently being commissioned in Aldersyde, near Calgary.
“We are pleased with the favourable response we are receiving from key stakeholders in Alberta,” said Lionel Robins, CEO of Renewable U Lethbridge. “This further demonstrates to us that we are not the only ones that believe in the unique and proprietary technology that Cielo is commercialising. Not only do we feel positive about having advanced $1 million in JV fees to Cielo and the way things are progressing at Cielo’s Aldersyde refinery, but we are also proud and honoured to be contributing to Cielo achieving their goal to have Canada be recognised as a world-leader in solving the planet's garbage crisis through green renewable fuel technologies."
The company intends to provide an operational update soon.
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