Cielo Announces Initial Production of Renewable Fuels and Memorandum of Understanding with Renewable U Energy to Build a Renewable Diesel Refinery in Grande Prairie

About this update from Cielo Waste Solutions Corp.

[{"type":"text","content":"Cielo Announces Initial Production of Renewable Fuels and Memorandum of Understanding with Renewable U Energy to Build a Renewable Diesel Refinery in Grande PrairieVANCOUVER, BC / ACCESSWIRE / November 1, 2018 / Cielo Waste Solutions Corp. (\"Cielo\" or the \"Company\") (CSE: CMC) is pleased to announce that it has successfully initiated the conversion of its raw distillate made from wood waste feedstock into renewable fuels including naphtha, kerosene and diesel in the second step of its Phase I commissioning process at Cielo’s first commercial refinery in Aldersyde, Alberta (\"Aldersyde Refinery\"). This is further proof of the viability of the Company’s proprietary process and technology that can convert multiple different waste products into high grade renewable diesel. Cielo is now in the final stage of commissioning its Aldersyde Refinery and anticipates sales will commence in the next 6 to10 weeks.Joint Venture:Cielo is also pleased to announce that it has entered into a Binding Memorandum of Understanding (\"MOU\") with Renewable U Energy Inc. (\"Renewable U\"), a privately-owned Alberta corporation. The MOU provides the framework for Cielo to enter into a joint venture agreement (\"JV Agreement\") with Renewable U to build, commission and operate one refinery initially (\"JV Refinery\"), with a right of first refusal to enter into further agreements for potential follow-on refineries (together with the JV Refinery, collectively \"JV Refineries\") in Grande Prairie, Alberta. Pursuant to the terms of the MOU, Renewable U has an option to enter into a second Memorandum of Understanding with Cielo for Medicine Hat, Alberta. Each JV Refinery will utilize the technology (\"Technology\") to which Cielo holds an exclusive global license that is being employed at the Aldersyde Refinery, to convert wood waste into high grade renewable diesel, naphtha and kerosene. Each JV Refinery will be engineered to produce approximately 8 million liters per year of high grade, renewable diesel for which Cielo’s research indicates there is an estimated mandated demand in Canada of approximately 650 million liters a year to be blended into highway grade diesel, most of which currently is imported. Each JV Refinery is projected to cost approximately $20 million.Cielo and Renewable U have agreed to negotiate and finalize the ...

More updates from Cielo Waste Solutions Corp.