April 3, 2012, 8:33 a.m. EDT
Action Follows Recent Move By Waste Management, Inc. To Become Major Investor
BEND, Ore., Apr 03, 2012 (BUSINESS WIRE) — InEnTec Inc., the developer of proprietary technology to produce renewable fuels and other valuable products from household, industrial, and chemical wastes, today announced that Lakeside Energy has made a strategic investment in the company. Headquartered in Chicago, Lakeside Energy is a portfolio company of American Securities, specializing in power generation and renewable energy technologies.
InEnTec Chemical LLC was formed as a joint venture between InEnTec and Lakeside Energy. In this transaction announced today, InEnTec Chemical LLC becomes a wholly owned subsidiary of InEnTec and Lakeside Energy becomes a significant shareholder in InEnTec.
InEnTec previously announced a similar deal in which Waste Management, Inc. /quotes/zigman/227597/quotes/nls/wm WM +0.62% took a significant equity position in InEnTec, and InEnTec became the sole owner of S4 Energy Solutions LLC. Formed in February 2009 to convert solid waste, such as household garbage, into clean fuels for electricity production and transportation, S4 Energy Solutions recently started up a commercial scale Plasma Enhanced Melter® (PEM®) at Waste Management’s Columbia Ridge site in Oregon. That project has already demonstrated the ability to create useable fuels out of the trash from the western part of the state.
“We are very pleased that Lakeside Energy has chosen to take an equity stake in our future,” said Karl A. Schoene, President and CEO of InEnTec Inc. “With full ownership of InEnTec Chemical and S4 Energy Solutions, InEnTec Inc. now has 100 percent ownership of all InEnTec operating subsidiaries and operating plants. This puts us in the position to expedite the financing and deployment of new PEM projects, improve operational efficiency, and accelerate our strategic plan for corporate growth.”
InEnTec Chemical LLC, located in Fleming Island, FL, was formed as a joint venture company by InEnTec and Lakeside Energy in October 2008 to finance, build and operate PEM facilities at chemical manufacturing sites. The company currently owns and operates a PEM at Dow Corning’s silicon-based materials manufacturing facility in Midland, Michigan. The Midland PEM began start-up in late 2009, and recycles hazardous chemical residuals into reusable process chemicals and clean syngas used as fuel for steam.
“We believe the PEM technology has the potential to shape the future of how the world transforms waste into valuable resources,” said Matthew LeBaron, a managing director of American Securities. “We continue to be impressed by the progress the InEnTec management team is making in commercializing and deploying this technology.”
“We are proud to have been a partner in the startup of the first PEM at a U.S. chemical manufacturing site,” added Christopher Fanella, Executive Vice President at Lakeside Energy and now a member of InEnTec’s Board of Directors. “We are confident that InEnTec will achieve its goals at Midland and replicate that success at many more sites in the future.”
Based in Bend, Oregon, InEnTec Inc. is a privately-held corporation and the developer of the PEM® (Plasma Enhanced Melter®), a proprietary gasification system that transforms municipal, commercial, medical, and most industrial and hazardous wastes into clean, renewable syngas This clean syngas can be converted to transportation fuels such as ethanol or diesel, industrial products like hydrogen and methanol or used as a substitute for natural gas for heating or electricity generation.
About InEnTec Inc.
Based in Bend, Oregon, InEnTec was formed by scientists and engineers from MIT and Battelle. Through its proprietary gasification system, the Plasma Enhanced Melter, InEnTec can transform municipal (household), commercial, medical, and most industrial and hazardous wastes into clean renewable syngas that can be used to produce products, such as electric energy, diesel fuel, ethanol, methanol and hydrogen, with minimal environmental impact. InEnTec’s systems meet all environmental standards and come closer to 100% recycling of waste than any other commercially available technology. InEnTec is the winner of The Wall Street Journal 2010 Technology Innovation Award in Energy. For more information please visit www.inentec.com .
About Lakeside Energy LLC
Lakeside invests in power generation and related renewable energy businesses in North America requiring individual equity investments of $10 million to $100 million. The company is backed with equity from American Securities, a New York-based private equity firm. Lakeside looks for companies with sustainable market positions, predictable cash flows, growth opportunities and reasonable risk management of fuel cost. Its business model is to create additional value in companies and assets through the implementation of operational, financial, and commercial improvements and support of the associated management teams. More information on Lakeside Energy LLC can be found atwww.lakesideenergy.com .
About American Securities LLC
American Securities is a leading U.S. private equity firm that invests in market-leading companies in North America with annual revenues generally ranging between $200 million to $2 billion. Headquartered in New York with an office in Shanghai, American Securities has approximately $9 billion under management and is currently investing from its sixth fund. The firm traces its roots to the family office founded in 1947 by William Rosenwald to invest and manage his share of his family’s Sears, Roebuck & Co. fortune. More information on American Securities can be found at www.american-securities.com .
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SOURCE: InEnTec Inc