The plan to construct a bio-diesel refinery in Dunmore has been called off as the company shifts its focus towards acquiring and initiating operations at a similar facility in Carseland, Alberta, aimed at converting railway ties into fuel, reported Medicine Hat News.
Cielo Waste Solutions announced on Wednesday that, after a missed deadline in March, they offered $2 million to Renewable U, a group of investors, to advance the agreement for building a refinery near Medicine Hat. However, they have decided to concentrate on purchasing an existing plant, owned by Rocky Mountain Fuels, and enhancing it with major components to commence operations by the end of 2024.
In a statement, Cielo mentioned, “As a result… Cielo will redirect railway tie processing to the (enhanced gas to liquids) facility,” indicating their commitment to optimizing operational efficiencies and advancing projects that generate immediate revenue.
The operational plant is expected to yield annual revenue of $18 million, with Cielo anticipating growth to $100 million in gross revenue by late 2027 following additional investments.
