Sunvault Energy, Inc. has acquired, through a share purchase agreement, 50 percent of CleanGen Inc.
CleanGen Inc. operates CleanGen Power Corp. and Cutting Edge Tire Recycling LP from the Edmonton, Alberta headquarters.
CleanGen Power Corp. operates a biomass recycling facility and is a value added recycler.
CleanGen Power Corp. plans to use its biomass wood from its recycling facility to generate electricity. This type of electricity generation technology is scalable and capable of providing power and heating systems (to remote or isolated communities including Aboriginal communities of which there are 175 in Canada); or to produce energy and sell it directly to the power grid as a commercial enterprise.
CleanGen Power Corp. has invested in engineering studies as Phase 1 of their Integrated Waste Management Services project. The project is intended to incorporate an investment into a Class 3 Landfill with a Class 2 Transfer Station and the waste to energy technology.
In addition to the CleanGen Power Corp. operating entity, Sunvault has also acquired as part of this transaction, 50 percent of the Cutting Edge Tire Recycling LP. Cutting Edge has offices in Edmonton, Ponoka, Calgary, and is servicing the Fort McMurray area. The company has a 12.5 acre tire processing facility located in Alberta. Cutting Edge is the only off-the-road tire processor in Alberta with one of the largest and most powerful shredders in North America.
The purchase agreement calls for 19,500,000 Sunvault shares to be issued to 1,454,004 Alberta Ltd. shareholders from treasury to complete Sunvault Energy Inc.’s purchase of the 50 percent interest in CleanGen Inc.
Published in the May 2014 Edition of American Recycler News