Press Release Source: Waste Management, Inc. On Wednesday October 12, 2011, 8:00 pm EDT
HOUSTON, Oct. 12, 2011 /PRNewswire/ — Waste Management (NYSE:WM – News) today announced that it has taken an equity position in InEnTec Inc. (InEnTec) by exchanging its equity interest in S4 Energy Solutions LLC (S4), for an equity position in InEnTec. S4 was formed by the parties in 2009 to design, construct and operate a waste gasification plant using InEnTec’s Plasma Enhanced Melter (PEM®) technology.
“Changing our investment from a joint venture development into an equity position with InEnTec is more consistent with the company’s other portfolio investments,” said Joe Vaillancourt, managing director for Waste Management’s Organic Growth Group. “We are committed to the advancement of the PEM® technology and look forward to the operation of the 25 ton per day commercial demonstration plant at our facility in Arlington, Oregon.”
The construction of the Arlington plant was recently completed and the Oregon Department of Environmental Quality has issued all permits necessary to begin the operation of the plant.
“We are delighted that Waste Management has expressed its confidence in InEnTec by becoming one of our largest shareholders,” said Karl A. Schoene, president and CEO of InEnTec Inc. “We will continue to enjoy the benefit of Waste Management’s experience and market presence as the demand for our PEM® technology continues to grow.”
With the process, waste materials are fed into a closed chamber where they are superheated to temperatures of between 10,000 and 20,000 degrees Fahrenheit using an electricity-conducting gas called plasma. The intense heat of the process rearranges the molecular structure of the waste, transforming organic (carbon-based) materials into an ultra-clean, synthesis gas (syngas). The clean syngas could be converted to transportation fuels such as ethanol and diesel, industrial products like hydrogen and methanol or used as a substitute for natural gas for heating or electricity generation. In a secondary stage of the process, inorganic (non-carbon-based) materials are transformed into environmentally beneficial products.
Waste Management investment in InEnTec complements the company’s investments in other thermal conversion technology platforms including Enerkem, Terrabon and Agilyx. This agreement will also help move Waste Management toward meeting two of its sustainability goals: doubling its renewable energy production by 2020, and investing in emerging technologies for managing waste.
About Waste Management
Waste Management, Inc., based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It is one of the largest residential recyclers in North America and a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. The company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management visit www.wm.com or www.thinkgreen.com.
Based in Bend, Oregon, InEnTec was formed by scientists and engineers from MIT and Battelle. Through its proprietary gasification system, the Plasma Enhanced Melter, InEnTec can transform municipal (household), commercial, medical, and most industrial and hazardous wastes into clean renewable syngas that can be used to produce products such as electric energy, diesel fuel, ethanol, methanol and hydrogen, with minimal environmental impact. InEnTec’s systems meet all environmental standards and come closer to 100% recycling of waste than any other commercially available technology. InEnTec is the winner of The Wall Street Journal 2010 Technology Innovation Award in Energy. For more information please visit www.inentec.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. In many cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms and other comparable terminology. These statements are only predictions. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. The forward-looking statements made in this press release relate only to events as of the date of this release. We undertake no ongoing obligation to update these statements.
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