- Renovare Environmental has sold its aerobic nutrient discarded digester concern and related bundle assets to TraQiQ, a Washington-based exertion company. The transaction closed connected Jan. 5, according to a financial filing.
- TraQiQ paid Renovare $150,000, issued shares of low-value TraQiQ stock (some of which volition beryllium kept successful escrow) and assumed liability for astir $3.02 cardinal successful indebtedness owed to a money of Michaelson Capital Partners.
- Renovare’s mechanical biologic attraction installation successful Martinsburg, West Virginia, was not portion of the transaction, according to sources. It is considered to beryllium among the excluded assets listed successful the acquisition agreement.
Renovare, formerly known arsenic BioHiTech Global, erstwhile had plans to physique aggregate mechanical biologic attraction facilities successful the U.S. It besides planned to grow income of small-scale aerobic digesters, which usage enzymes to interruption down nutrient waste, to cruise ships and different ample commercialized customers.
Instead, the institution has been connected a downward trajectory for much than a twelvemonth owed to a bid of permitting, ineligible and fiscal challenges. Its filings from caller years amusement accordant nett losses and increasing debt.
As of past March, the institution had plans to get Harp Renewables (another small-scale digester company) for $20 million. In June, the program had shifted to Harp acquiring Renovare. By September, Renovare CEO Tony Fuller had stepped down and the Harp woody was inactive pending. The company’s latest filing shows that it locked successful a acquisition statement with TraQiQ connected Dec. 30, with nary notation of Harp.
Harp did not respond to a petition for comment. Renovare CFO Brian Essman, believed to beryllium 1 of the company’s fewer remaining employees pursuing layoffs, did not respond to a petition for comment. TraQiQ CEO Ajay Sikka was not disposable for comment.
TraQiQ is not known by sources to person an existing beingness successful the nutrient discarded sector. The company’s latest quarterly filing said it “provides bundle arsenic a work that enables clients to physique and negociate a web of declaration task workers,” citing examples “such arsenic PC repair oregon nutrient delivery.” TraQiQ, which is registered arsenic a California company, said astatine the clip that its operations were “concentrated successful India, Southeast Asia and Latin America.”
Renovare’s digester exertion includes a cloud-based bundle component, which sources accidental could perchance beryllium applicable to TraQiQ’s business.
Renovare’s $33 cardinal West Virginia facility, which is the company’s superior remaining asset, is inactive successful limbo. The plant, located connected onshore owned by the Berkeley County Solid Waste Authority, could process 110,000 tons per twelvemonth of mixed discarded into coagulated recovered substance (after recovering definite recyclables) for usage successful facilities specified arsenic cement kilns. It officially suspended operations past year, aft opening successful 2019, forcing the discarded authorization to redirect its worldly elsewhere.
While the tract was constructed successful concern with Entsorga, an Italian institution that inactive has a number stake, that narration deteriorated implicit time. Entsorga sued Renovare implicit $1.1 cardinal successful owed payments past year, successful a lawsuit which remains pending successful national court. No attorneys are registered successful Renovare’s defense.
Christopher Maloney, CEO of Entsorga’s North American division, said via email that helium hadn’t heard thing astir adjacent steps for the plant. Maloney said the institution remains “interested successful moving with a caller proprietor to measure the imaginable restart of the works with the Entsorga technology, but lone aft it is wholly cleaned out."
Renovare near important volumes of trash successful the facility, which repeatedly caught connected occurrence according to the Panhandle News Network. Apple Valley Waste, a subsidiary of Gold Medal Environmental (which erstwhile had a relation successful the task itself), was contracted by Renovare to mitigate the issue.
“Apple Valley Waste had been engaged to code the utmost risks to the community. In December, we completed the removal of the worldly that had been the recurring origin of the occurrence and wellness risks to date,” said Gold Medal CEO Darren Gruendel via email. “Work remains to beryllium done and our engagement is evolving accordingly.”
Clint Hogbin, seat of the region discarded authority, said helium was pleased with the cleaning advancement and noted that aggregate funny parties person been touring the installation successful caller months. He declined to stock circumstantial names, but said immoderate were discarded companies.
While the West Virginia Department of Environmental Protection antecedently told Renovare it had to resume operations by Oct. 4, 2022 or statesman imperishable closure of the facility, section sources are not alert of immoderate further authorities action. The bureau did not respond to requests for comment.
"We're cautiously optimistic that astatine immoderate constituent we'll get this backmost operational,” said Hogbin. "I deliberation the DEP is successful the aforesaid presumption arsenic the region coagulated discarded authorization successful that everybody wants to spot this spot backmost up."