CHESTNUT RIDGE, N.Y.,
Oct. 22, 2020 /PRNewswire/ --
BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ:
BHTG), a sustainable technology and services company, announces
today the acquisition of an interest in a 45-acre industrial zoned
property located in an economic opportunity zone in Rensselaer, New York. The acquisition
represents a material step toward the Company's potential
development of a "renewable energy campus" planned to include
New York's first sustainable waste
conversion facility similar to BioHiTech's original
state-of-the-art plant in Martinsburg,
West Virginia.
The acquisition agreement provides the Company with a
substantial interest in the entity that controls the 45-acre
property under a 99-year ground lease allowing for certain uses,
including solid waste transfer stations, waste-to-energy
facilities, waste renewable fuel processing facilities and other
industrial uses. The Company believes the site meets numerous
criteria that could result in its qualification for expedited
permitting for major renewable energy facilities under regulations
presently proposed by the New York
State Office of Renewable Energy Siting (ORES) for those who
desire to develop such a facility. Located directly across the
Hudson River from the Port of Albany, and having both barge and rail access,
the site is capable of providing support for ongoing or future
shipping needs including those to support offshore wind
projects.
"This strategic acquisition of the interest in one of the most
desirable industrial properties in the Hudson River Valley is
conducive with our plans for the development of a network of
sustainable solid waste conversion facilities in New York State. The transaction also
builds value by providing us with an expansion opportunity to
co-locate other renewable energy projects, such as a solar farm,
alongside our proprietary waste conversion facility. Importantly,
we believe the cost of acquisition was modest compared to the
relative value of the land parcel itself and the economic potential
around its development," said Frank E.
Celli, CEO of BioHiTech. "This is a material step in a
required process to establish our second facility, the first to be
located in New York. It may also
serve as a catalyst for the next phase of our long-term strategy,
identifying and initiating projects in key markets where we can
deploy a series of environmental solutions and make a positive
contribution toward improving New
York's carbon footprint. As our current proposed
project only requires use of approximately 25% of the site,
additional portions can be allocated to fit the needs of Governor
Cuomo's new Climate Leadership and Community Protection Act and
other forward-looking clean energy initiatives to create strong
sustainable solutions, including the support of both solar and wind
projects. We believe such joint use of the property may serve
as one of the first examples of a renewable energy/sustainability
campus and we look forward to providing further updates as we
progress."
Tony Fuller, BioHiTech's Chief
Administrative Officer, stated, "Our solid waste conversion
technology coupled with our Company's long-term strategy is
consistent with the Governor's sustainability agenda, including
efforts in clean energy and job creation. We look forward to
working with his administration in advancing the goals driving this
new era in sustainability for New
York. My deep experience serving as the head of Walmart's
Energy Group drove the implementation and deployment of
market-leading renewable energy initiatives and projects, which
resulted in millions of dollars in energy savings and dramatic
improvements in clean energy usage. BioHiTech is at the
forefront of the future of energy efficiency and renewable
platforms, we are pleased to continue our expansion to the benefit
of all stakeholders and constituents it impacts."
A more detailed description of the acquisition transaction will
be available in the Company's filings with the Securities and
Exchange Commission.
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is a technology services
company focused on providing cost-effective solutions that improve
environmental outcomes. Our technologies for waste management
include the patented processing of municipal solid waste into a
valuable renewable fuel, biological disposal of food waste on-site,
and proprietary real-time data analytics tools to reduce food waste
generation. When used individually or in combination, our solutions
lower the carbon footprint associated with waste transportation and
can reduce or virtually eliminate landfill usage. In addition, we
distribute a patented technology that achieves high-level
disinfection of spaces such as classrooms, hotel or hospital rooms
and other enclosed areas to combat the spread of viruses and
bacteria without the use of harsh chemicals. Our unique
solutions enable businesses, educational institutions and
municipalities of all sizes to solve everyday problems in a smarter
and more cost-effective way while reducing their impact on the
environment. For more information, please
visit www.biohitech.com.
Forward Looking Statements
Statements in this press release contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. Without limiting the foregoing, words such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"explore," "evaluate," "intend," "may," "might," "plan,"
"potential," "predict," "project," "seek," "should," or "will," or
the negative thereof or other variations thereon or comparable
terminology. These forward-looking statements are only predictions
and involve known and unknown risks and uncertainties, many of
which are beyond the Company's control. These statements are also
based on many assumptions and estimates and are not guarantees of
future performance. These statements are estimates, based on
information available to management as of the date of this release,
and are subject to further changes. These statements may involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of BioHiTech
Global, Inc. to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. Our actual results may differ
materially from the results anticipated in these forward-looking
statements due to a variety of factors, including, without
limitation those set forth as "Risk Factors" in our filings with
the Securities and Exchange Commission ("SEC"). There may be other
factors included in BioHiTech's SEC filings that may cause actual
results to differ materially from those projected in any
forward-looking statement. BioHiTech Global, Inc. assumes no
obligation to update any forward-looking statements as a result of
new information, future events or developments, except as required
by securities laws.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
Investors:
ir@biohitech.com
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SOURCE BioHiTech Global, Inc.