Cleantech 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.