BioHiTech Global Enters into Project Management Services Agreement with Lone Cypress Energy Services
BioHiTech Global (NASDAQ: BHTG) has signed a project management services agreement with Lone Cypress Energy Services to develop High-Efficiency Biological Treatment (HEBioT) projects. Lone Cypress will handle environmental permitting and compliance while both companies explore new uses for Solid Recovered Fuel (SRF). BioHiTech's existing HEBioT facility in Martinsburg, West Virginia, processes 110,000 tons of waste annually, producing 50,000 tons of SRF. This partnership aims to enhance efficiency in waste management and expand renewable energy solutions.
- Partnership with Lone Cypress Energy Services to enhance HEBioT projects.
- Ongoing exploration of additional uses for Solid Recovered Fuel (SRF).
- Successful operational model for waste management established since 2019.
- None.
CHESTNUT RIDGE, N.Y., June 9, 2021 /PRNewswire/ -- BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ: BHTG), a sustainable technology and services company, has entered into a project management services agreement with Lone Cypress Energy Services, LLC ("Lone Cypress) to evaluate and develop new High-Efficiency Biological Treatment (HEBioTTM) projects. Together, the two companies will also explore additional uses of Solid Recovered Fuel ("SRF") and other potential fuels that could be developed.
Lone Cypress will take a lead role in environmental permitting and regulatory compliance services related to the development of additional patented HEBioT facilities and in the renewable energy business sector. This includes any additional projects in connection with solar, hydrogen, and other renewable technologies. BioHiTech and Lone Cypress are also in discussions with several general construction and engineering management services firms to guide construction and provide cost management oversight in executing future opportunities.
"We are pleased to be working with Lone Cypress to provide project analysis, management, and industry understanding of waste-to-energy projects that enables our team to better capitalize on the many inquiries we are receiving about our HEBioT technology," stated Tony Fuller, CEO of BioHiTech. "Our Companies are currently exploring additional uses for our SRF, such as fuel for cogeneration and as a feedstock for bio-plastics."
BioHiTech launched its first HEBioT resource recovery facility in Martinsburg, West Virginia in 2019. That facility is capable of processing 110,000 tons of municipal solid waste annually while producing nearly 50,000 tons of SRF for use by cement manufacturing partners as a partial replacement for coal.
As communities around the United States have looked to find solutions for municipal solid waste disposal, BioHiTech has established a successful model for making a useful product out of refuse resulting in significant diversion from landfills and lower greenhouse gas emissions. Additionally, our sorting of municipal solid waste has increased the amount of recycled metals going to market that would have otherwise been landfilled.
"BioHiTech is one of the preeminent members of the waste management community, and we look forward to working in partnership with this esteemed firm. Their cutting-edge HEBioT technology has amazing potential for the domestic waste industry. Merging our project execution experience with their industry knowledge positions us well for future growth. We look forward to working with BioHiTech on these exciting opportunities," said Greg Brooks, President of Lone Cypress.
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is a technology services company focused on providing cost-effective solutions that improve environmental outcomes. Our technologies for waste management include the patented processing of municipal solid waste into a valuable renewable fuel, biological disposal of food waste on-site, and proprietary real-time data analytics tools to reduce food waste generation. When used individually or in combination, our solutions lower the carbon footprint associated with waste transportation and can reduce or virtually eliminate landfill usage. In addition, we distribute a patented technology that achieves high-level disinfection of spaces such as classrooms, hotel or hospital rooms and other enclosed areas to combat the spread of viruses and bacteria without the use of harsh chemicals. Our unique solutions enable businesses, educational institutions and municipalities of all sizes to solve everyday problems in a smarter and more cost-effective way while reducing their impact on the environment. For more information, please visit www.biohitech.com.
About Lone Cypress
Lone Cypress Energy Services, LLC is an independent energy company focused on the development and operation of infrastructure across the entire energy value chain. Headquartered in Tulsa, OK, Lone Cypress offers a full suite of technology-enabled solutions including traditional EPC (engineering, procurement, and construction) contracting, project management, asset operations and project financing. Lone Cypress specializes in the development of waste to energy plant solutions, traditional oil and gas midstream facilities, and hydrogen generation and distribution projects. Our senior leadership team is anchored by technical professionals with over 100 years of combined execution experience. For more information, please visit www.lonecypressenergyservices.com.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, including statements about the estimated contract value, additional purchase orders or deliveries, and the ability of the Company's products to improve environmental outcomes and achieve corporate sustainability goals, are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BioHiTech Global, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. BioHiTech Global, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the BioHiTech's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. BioHiTech Global, Inc. assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Company Contact:
BioHiTech Global, Inc.
Lisa Giovannielli
VP, Corporate Communications
O: 888.876.9300
E: lgiovannielli@biohitech.com
www.biohitech.com
Investors:
ir@biohitech.com
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SOURCE BioHiTech Global, Inc.
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