Aries Linden Biosolids Gasification Facility Reaches Financial Close
FRANKLIN, Tenn. & LINDEN, N.J.--(BUSINESS WIRE)--Oct 30, 2019--
Aries Clean Energy has successfully completed the $65 million financial close for the Aries Linden Biosolids Gasification Facility in New Jersey, and construction has commenced. The financing included $50 million of “Green” tax-exempt bonds issued through the Union County Improvement Authority. This facility will divert 130,000 tons of biosolids from local landfills annually, and it provide the lowest cost option for biosolids disposal in the NY/NJ Metropolitan area.
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Rendering of Aries Linden Biosolids Gasification Facility (Photo: Business Wire)
“We are pleased to reach this milestone on the Linden project,” said Gregory Bafalis, CEO of Aries Clean Energy. “The Linden facility will be the most advanced biosolids processing facility in the world utilizing our patented fluidized bed technology. By using our environmentally friendly, renewable system, we will convert biosolids into completely renewable, beneficial products. I anticipate that Linden will receive visitors from all over the world to see this facility and how it innovatively takes a waste product and converts it into renewable energy and biochar. We are looking forward to investing in the local community and serving the region with sustainable biosolids solutions that will contribute to a cleaner, greener, healthier planet.”
Equity for the project comes from Aries Clean Energy and Spring Lane Capital. “This project and Aries’ gasification technology fit perfectly with Spring Lane Capital’s investment approach of partnering with entrepreneurs in the energy, water, food, and waste industries to help them deploy innovative, sustainable solutions. We are thrilled to support the Aries team on this and future projects,” said Nikhil Garg, General Partner at Spring Lane.
The facility will be housed in a re-purposed building within the Linden Roselle Sewerage Authority complex. Aries Clean Energy build-own-operate business model provides no financial risk for LRSA. It will process 430 tons of biosolids per day while producing 22 tons of biochar. The biochar will be beneficially used as a substitute for fly ash in concrete. It is a closed-loop system that will require no fossil fuels during operations. Construction begins immediately, with full operations anticipated in fourth quarter 2020. Sixty new construction jobs will be seen during the construction phase of this project and 14 long-term, skilled jobs to operate the plant.
“The city of Linden is proud to lead the way with this renewable energy technology. This fits so well into the overall green vision that Gov. Phil Murphy has for this state. We are pleased to be a model for other cities to follow,” said Mayor Derek Armstead, City of Linden.
“It’s very gratifying to know that our biosolids will no longer be headed to landfills or farmers’ fields,” said David G. Brown, II, executive director of LRSA. “We are honored to be a part of this amazing biosolids solution that will lower emissions and our carbon footprint.”
Construction will be led by Riggs Distler & Company, Inc., of Cherry Hill, NJ. Riggs will maintain 60 jobs during construction. Additional opportunities will also be created for the local supply chain, with a commitment to purchase local goods and services when possible. Commissioning is expected in 14 months.
“Our team is excited to be part of this project,” said Stephen M. Zemaitatis, Jr., President & CEO of Riggs Distler. “It will be particularly rewarding for our employees to see their hard work result in the construction of a world-class facility that will make our community greener and healthier.”
The patented, Aries fluidized bed gasification system is carbon negative and captures methane (with a global warming impact 23 times greater than CO2) that would otherwise be released into the atmosphere. By reducing the number of trucking miles previously used to dispose of the biosolids, greenhouse gases will also be reduced.
This facility will be located in the largest metropolitan area in the US. The New York metropolitan area includes New York City, Long Island, and the Mid and Lower Hudson Valley in the state of New York; the five largest cities in New Jersey: Newark, Jersey City, Paterson, Elizabeth, and Edison, and their vicinities; six of the seven largest cities in Connecticut: Bridgeport, New Haven, Stamford, Waterbury, Norwalk, and Danbury, and their vicinities.
In a 25-mile radius, there are 13,517,045 people with 6,650,741 in the labor force.
About Aries Clean Energy
Aries Clean Energy, LLC, based in Franklin, Tennessee, develops, designs, and builds innovative proprietary downdraft and fluidized bed gasification systems and projects using its eight patents granted to date. Its projects provide for the sustainable disposal of biosolids, biomass and waste, reduction of carbon emissions, the production of clean thermal and electrical energy and beneficial biochar. For more information, please visit our website: www.ariescleanenergy.com
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CONTACT: Nancy Cooper
KEYWORD: TENNESSEE NEW JERSEY NORTH AMERICA UNITED STATES AUSTRALIA AUSTRALIA/OCEANIA CANADA
INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY ENVIRONMENT
SOURCE: Aries Clean Energy
Copyright Business Wire 2019.
PUB: 10/30/2019 01:16 PM/DISC: 10/30/2019 01:16 PM