Aries Linden Biosolids Gasification Facility reaches financial close
In the United States (US), Aries Clean Energy has announced that it has successfully completed the US$65 million financial close for the Aries Linden Biosolids Gasification Facility in New Jersey (NJ), and construction has commenced. The financing included US$50 million of “Green” tax-exempt bonds issued through the Union County Improvement Authority.
Ground-breaking for the facility, which will divert 130 000 tons of biosolids from local landfills annually, was held earlier this month to provide the lowest cost option for biosolids disposal in the New York-New Jersey Metropolitan area.
We are pleased to reach this milestone on the Linden project. The Linden facility will be the most advanced biosolids processing facility in the world utilizing our patented fluidized bed technology. By using our environmentally friendly, renewable system, we will convert biosolids into completely renewable, beneficial products. I anticipate that Linden will receive visitors from all over the world to see this facility and how it innovatively takes a waste product and converts it into renewable energy and biochar. We are looking forward to investing in the local community and serving the region with sustainable biosolids solutions that will contribute to a cleaner, greener, healthier planet, said Gregory Bafalis, CEO of Aries Clean Energy.
Equity for the project comes from Aries Clean Energy and Spring Lane Capital.
This project and Aries’ gasification technology fit perfectly with Spring Lane Capital’s investment approach of partnering with entrepreneurs in the energy, water, food, and waste industries to help them deploy innovative, sustainable solutions. We are thrilled to support the Aries team on this and future projects, said Nikhil Garg, General Partner at Spring Lane.
The facility will be housed in a re-purposed building within the Linden Roselle Sewerage Authority (LRSA) complex. Aries Clean Energy build-own-operate business model provides no financial risk for LRSA. It will process 430 tons of biosolids per day while producing 22 tons of biochar, which will be used as a substitute for fly ash in concrete.
The patented, Aries fluidized bed gasification system is carbon negative and captures methane that would otherwise be released into the atmosphere. By reducing the number of trucking miles previously used to dispose of the biosolids, greenhouse gases (GHG) will also be reduced. The closed-loop system will require no fossil fuels during operations.
The city of Linden is proud to lead the way with this renewable energy technology. This fits so well into the overall green vision that Governor Phil Murphy has for this state. We are pleased to be a model for other cities to follow, said Mayor Derek Armstead, City of Linden.
Construction begins immediately, with full operations anticipated in the fourth quarter of 2020. Sixty new construction jobs will be seen during the construction phase of this project and 14 long-term, skilled jobs to operate the plant.
It’s very gratifying to know that our biosolids will no longer be headed to landfills or farmers’ fields. We are honored to be a part of this amazing biosolids solution that will lower emissions and our carbon footprint, said David G. Brown, II, Executive Director of LRSA.
Construction will be led by Riggs Distler & Company, Inc., of Cherry Hill, NJ. Riggs will maintain 60 jobs during construction. Additional opportunities will also be created for the local supply chain, with a commitment to purchase local goods and services when possible. Commissioning is expected in 14 months.
Our team is excited to be part of this project. It will be particularly rewarding for our employees to see their hard work result in the construction of a world-class facility that will make our community greener and healthier, said Stephen M. Zemaitatis, Jr., President & CEO of Riggs Distler.
The facility will be located in the largest metropolitan area in the US. The New York metropolitan area includes New York City, Long Island, and the Mid and Lower Hudson Valley in the state of New York; the five largest cities in New Jersey: Newark, Jersey City, Paterson, Elizabeth, and Edison, and their vicinities; six of the seven largest cities in Connecticut: Bridgeport, New Haven, Stamford, Waterbury, Norwalk, and Danbury, and their vicinities.