Novo Energies signs 10-year pact for recycled tires
Novo Energies Corporation, an alternative energy company,
announced that is has executed a 10-year supply contract
to recycle tire feed stock with Colorado Tire Recycling
LLC of Hudson, Colorado.
Colorado Tire Recycling has agreed to supply tire derived
fuel (TDF) chips to Novo for 10 years beginning January
1, 2010. Colorado Tire Recycling will provide a minimum
of 6,000 tons of TDF for the first year of the contract
and a minimum of 12,000 tons per year thereafter, with
a further option to increase supply.
Novo plans to construct its first tire-to-fuel plant
in the Denver, Colorado area and expects to have it fully
operational during the second quarter of 2010. Novo should
be able to generate approximately 1,000,000 gallons of
fuel or fuel additives during the first year of the operation
of its plant and 2,000,000 gallons per year thereafter.
As a result of the expected additional tire residual
materials, Novo intends to also produce approximately
3,000 metric tons of Carbon Black and 900 metric tons
of steel during the first year of operation.