Empire Diversified Energy Secures $10 Million for West Virginia Recycling Plant Completion

Empire Diversified Energy Secures Financing

Empire Diversified Energy, Inc. has made a significant advancement in its quest for sustainable waste management by closing a $10 million financing deal aimed at the final commissioning of its new recycling plant located in West Virginia. The financing was secured through the sale of Solid Waste Disposal Facilities Revenue Bonds, specifically labeled as the Empire Green Generation, LLC Project Series 2025, and was approved by the West Virginia Economic Development Authority.

The financing transaction began with an initial draw of $4 million from the authorized amount, underlining the financial backing necessary for the project’s momentum. The company's wholly-owned subsidiary, Empire Green Generation, LLC (commonly referred to as GreenGen), will utilize these funds to enhance their recycling operations significantly.

The GreenGen facility represents a cutting-edge leap in energy-efficient, sustainable waste processing technology. Designed to tackle the increasing crisis presented by waste plastics, this plant employs a pyrolytic process that converts non-biodegradable plastics into pyrolysis oils. These oils can serve as alternative sources for petrochemical refiners, thereby promoting a circular economy and offering environmentally responsible solutions to mitigate waste.

In addition to converting waste, the plant has a strategic edge through its syngas technology, which is expected to generate about 1.4 MW of electricity, thereby addressing the parasitic load of operations sustainably. The facility is engineered to process 70 metric tons of plastic daily, making it a significant player in reducing the footprint of plastic waste in the environment.

Strategically situated at the Empire Riverfront Industrial Complex, the GreenGen recycling plant takes full advantage of its prime location near the Port of West Virginia. This site offers extensive multimodal logistics infrastructure, facilitating efficient transportation of both incoming waste and outgoing products.

Frank Rosso, CEO of Empire Diversified Energy, expressed gratitude for the continuous support from their lenders, emphasizing the company’s commitment to expanding recycling and sustainability efforts in the region. Rosso articulated a strong belief that Empire Green Generation will become a benchmark model for waste-to-energy initiatives across the United States. Furthermore, he acknowledged the diligent efforts of the Empire team over the past three years in bringing this ambitious project to fruition and outlined plans to keep stakeholders informed as the plant moves towards full operational status in the upcoming quarter.

Empire Diversified Energy is more than just a recycling firm; it operates across various sectors, including logistics, sustainable energy, and waste solutions. The company holds a key position within the Eco-Industrial Complex on the Ohio River at Follansbee, West Virginia, which serves as a crucial hub connecting the East Coast and Midwest.

This facility is set to implement proven innovative technologies dedicated to clean energy production and waste management, significantly contributing to the decarbonization of the region. Empire Diversified Energy's commitment to sustainable practices is clear, as they continuously seek advancements that will revolutionize traditional waste management practices.

Despite the exciting prospects ahead, the journey is not without its challenges. The company has mentioned potential risks associated with market conditions and changing regulations that could affect the project’s operational efficacy. Therefore, Empire Diversified Energy remains vigilant, assessing risks diligently and working to mitigate them as it progresses with crucial environmental initiatives.

As Empire Diversified Energy embarks on this journey of revolutionizing waste management, it exemplifies how industries can transition towards sustainable practices while also enhancing profitability and operational efficiency. The anticipated commissioning of the GreenGen recycling plant is just the beginning of a larger movement towards a cleaner, greener future, with Empire paving the way for other enterprises in the industry.