Monday, September 7, 2009

US Renewables, Novo Energy to form Novo Development Co.

USA: US Renewables Group, LLC, a private equity firm focused exclusively on investments in renewable power, clean fuels, and related infrastructure companies has partnered with Novo Energy LLC , a leading renewable energy technology company, to form and fund Novo Development Co. LLC.

Novo Development Co. will provide development, engineering, financing and operation of renewable energy facilities that utilize Novo’s proven, proprietary waste‐to‐energy (WTE) technology package.

NDC’s initial focus is to develop WTE facilities in North America, the Caribbean, and Europe. Several projects are already in development. Combustion‐based WTE is a proven technology to alleviate landfill and pollution problems while recycling materials and generating renewable power or steam.

WTE facilities also have a negative carbon footprint, resulting in a net reduction in the release of greenhouse gases.

Scott Gardner, Managing Director of USRG and Chairman of NDC stated: “Novo’s skilled team and successful track record are crucial components of a successful waste‐to‐energy company. Many regions face imminent landfill and energy challenges and will benefit from this proven, clean technology.”

Jim Barlow, CEO of Novo, said: “USRG is an experienced and active investor in renewable projects and the ideal partner for Novo Development Company. We intend to build a company with far‐reaching, beneficial impacts, which helps diversify the world’s mix of energy supplies.”

Thomas Campone, a 35‐year veteran energy executive and former President and Chief Operating Officer of Indeck Energy Services, Inc., will lead NDC as its President.

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