Transit acquires interest in biomass project
Cleantech Transit, Inc. has signed a term
sheet with Phoenix Energy, a manufacturer and distributor of
biomass-generated power plants. Under the terms of the agreement,
Cleantech has an option to acquire a 25 percent interest into
Phoenix Energy’s asset base, which includes a fully-constructed,
500 kilowatt biomass energy project located in California.
Phoenix Energy has developed a system that
converts 100 percent recyclable agricultural and wood waste (biomass)
into cleaner burning energy and other salable byproducts. The
construction phase of Phoenix Energy’s first, one-half megawatt
project is complete and is expected to become operational in
the coming months. Cleantech will initially fund $100,000 directly
into Phoenix Energy. The required amount of funding to earn in
the full 25 percent of the project will be determined following
completion of a testing period by Phoenix Energy.