Business
Cielo Announces Aldersyde Refinery Is Continuously Flowing, Agrees to Extension to Enter into Definitive JV Agreements and Announces Investor Update Webinar Call
Cielo To Host Investor Update Webinar On Friday, January 10 th at 11 AM EST VANCO UVER...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Announces Aldersyde Refinery Is Continuously Flowing, Agrees to Extension to Enter into Definitive JV Agreements and Announces Investor Update Webinar CallCielo To Host Investor Update Webinar On Friday, January 10th at 11 AM ESTVANCOUVER, BC / ACCESSWIRE / January 7, 2020 / Cielo Waste Solutions Corp. (CSE: CMC - OTCQB: CWSFF) (\"Cielo\" or the \"Company\") and Renewable U Grande Prairie Inc., Renewable U Medicine Hat Inc., Renewable U Brooks Inc., Renewable U Lethbridge Inc. and Seymour Capital Incorporated, (collectively \"the JV Companies\") have agreed to extend the deadline by which they will enter into the previously announced joint venture agreements to March 31, 2020. These agreements will govern the building and operation of the first five follow-on refineries to be placed on production in the agreed territories in Alberta and Ontario (\"Follow-on JV Refineries\"). Over the past six months, Cielo has been implementing enhancements to the Company's waste-to-energy refinery in Aldersyde, Alberta (\"Aldersyde Refinery\"), which has resulted in plans to scale up production of the Follow-On JV Refineries to produce 4,000 liters of renewable fuels per hour and operate 24 hours a day, 341 days per year, which is double the production originally contemplated. Each one of the Follow-On JV Refineries are projected to cost approximately CDN$50 Million to build, commission and place on production, to be funded by the respective JV Companies. Collectively, the Follow-On JV Refineries are projected to convert 327,360 tonnes of garbage into 163,680,000 liters of renewable fuels annually.Raphael Bohlmann, President of Renewable U Energy Inc., which currently holds the controlling interest in four of the five Follow-on JV Refineries, stated \"We are working closely with Cielo to advance the building of our follow-on refineries as quickly as possible. We are very impressed and appreciative of the tenacity and work ethic that Cielo's management and their contractors have exhibited while overcoming multiple challenges in bringing on stream the world's first waste to renewable fuels green refinery at Aldersyde, Alberta. We are in the final stages of securing the land to build our first follow-on refinery to process scrap railway ties into high grade renewable diesel pursuant to Cielo's Service Supply Agreement with CP Rail, which was...