US-based Algorhythm Holdings is exploring the potential sale of a 100 MW biomass pyrolysis-to-power project under development in western North Carolina for up to $70 million through its renewable energy subsidiary, Azure Energy, Bioenergy Insight reported.
The proposed facility will convert locally sourced woody biomass into electricity and water. The company is positioning the project’s round-the-clock, dispatchable power generation as a potential supply option for industrial and advanced manufacturing facilities that require reliable electricity and cannot tolerate intermittent supply or curtailment.
The project will be developed in two phases. The first phase is expected to deliver 50 MW of capacity and reach full operation within approximately 24 months. A second phase is planned to double the facility’s capacity to 100 MW around 12 months later.
Azure Energy expects to generate approximately $3 million in fee income from the project in 2027.
The company has outlined two potential routes to monetise the development. It could retain a minority equity stake and generate more than $4 million in annual earnings before interest, taxes, depreciation and amortisation (EBITDA) once the facility becomes operational, expected in late 2028. Alternatively, it could sell the project after securing final permits for an estimated value of up to $70 million.
The proposed sale valuation is based on an assumed value of approximately $1 million per powered acre. Azure Energy estimates that its equity stake could generate around $7 million from a sale, in addition to fee income from managing the transaction.
The company expects to begin marketing the project and evaluating offers before the end of the fourth quarter of 2026.
Algorhythm Holdings Chief Executive Andrew Thompson said the project was the most advanced among the company’s developments. He added that its near-term value could help strengthen the company’s balance sheet, clear legacy financing obligations and support Azure Energy’s expansion in 2027.
