Global Energy Inc. (Bulletin Board: GEYI) and Covanta Energy Inc. (NYSE: CVA) have completed construction of the commercial pilot of a municipal solid waste to diesel plant in the US, according to a Form 8-K that Global Energy filed has with the US Securities and Exchange Commission (SEC). The two companies signed a contract to set up the plant two and a half years ago.
Covanta is a US company that incinerates municipal solid waste to generate electricity. Under the agreements with Global Energy, Covanta will operate hundreds of facilities across the US. These facilities will use Global Energy's KDV technology for converting municipal solid waste into biofuel.
Covanta will operate for Global Energy a commercial pilot of the technology, which will produce 500 liters of fuel per hour. Within 6-12 months, the pilot should tell Covanta whether the technology is good and commercially viable.
Global Energy's share price closed at $0.03 on Wall Street yesterday.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2010
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