Business
Cielo Expands Its Reach to Nova Scotia, Gaining Port Access
VANCOUVER, BC / ACCESSWIRE / January 9, 2020 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:C...
About this update from Cielo Waste Solutions Corp.
[{"type":"text","content":"Cielo Expands Its Reach to Nova Scotia, Gaining Port AccessVANCOUVER, BC / ACCESSWIRE / January 9, 2020 / Cielo Waste Solutions Corp. (CSE:CMC)(OTCQB:CWSFF) (\"Cielo\" or the \"Company\")announces a Memorandum of Understanding (\"MOU\") with Renewable U Halifax Inc. (\"Renewable U Halifax\") to build, at an estimated cost of $50 Million, a renewable diesel refinery in, or within 150 kilometers of Halifax, Nova Scotia.Renewable U Halifax is one of multiple corporations under the \"Renewable U\" name (\"Renewable U Companies\"), with which Cielo has entered into memorandums of understanding on substantially the same terms as this MOU (the \"Prior MOUs\"), as previously announced. Renewable U Halifax and Cielo will be working towards entering into a joint venture agreement (\"JV Agreement\") contemporaneously with the joint venture agreements to be entered into with the other Renewable U Companies, which will provide the framework to build and operate a 4,000 liter per hour joint venture refinery (\"JV Refinery\") in Nova Scotia that will be engineered to operate 24 hours a day, 341 days per year. Cielo is expecting to convert 327,360 tonnes of garbage into 163,680,000 liters of renewable fuels annually from the 5 announced JV refineries. It is anticipated that this JV Refinery will create in Nova Scotia 50 full-time jobs during construction and employ 25 full-time people once operational. The JV Refinery will utilize Cielo's proprietary waste to high grade renewable fuel technology being commercialized at the Company's refinery in Aldersyde, Alberta (the \"Aldersyde Refinery\"), located just south of Calgary.In order to gain direct access to a port to potentially import multiple different waste feedstocks, including the problematic single-use plastics, Cielo has agreed to reallocate the $250,000 Joint Venture Fee (\"Fee\") previously paid to Cielo, by Renewable U Brooks Inc. (\"Renewable U Brooks\"), pursuant to a Memorandum of Understanding dated April 27, 2019 between Cielo and Renewable U Brooks (\"the Brooks MOU\") to Renewable U Halifax. In conjunction with the aforementioned reallocation of the Fee, as of January 8, 2020, the Brooks MOU has been terminated.The general terms to be incorporated into the JV Agreement are substantially the same as those previously announced terms for the joint venture refineries to be located in...