Renovare Appoints Climate Commodities International Co-Founder and Former Millennium Management and Castleton Commodities Portfolio Manager Benjamin Banwart as Transition Advisor

Rhea-AI Summary

Renovare Environmental, Inc. (NASDAQ: RENO) has appointed Benjamin Banwart as Transition Advisor to guide the company towards an EBITDA-positive model, focusing on an asset-light, waste-technology-as-a-service strategy. Banwart brings extensive experience in climate technology and ESG sectors, previously co-founding Climate Commodities International. His role will involve improving capital markets communications and monetizing core competencies from the Martinsburg, West Virginia facility. CEO Tony Fuller emphasized the strategic review of the Martinsburg operation as timely for future growth.

Positive

• Appointment of Benjamin Banwart as Transition Advisor expected to enhance strategic direction.
• Focus on transitioning to an EBITDA-positive, asset-light business model.
• Strengthened leadership with Banwart's extensive experience in climate technology and ESG sectors.

Negative

• Potential concerns regarding continuity and experience gaps with the new transition strategy.

CHESTNUT RIDGE, N.Y., Feb. 28, 2022 /PRNewswire/ -- Renovare Environmental, Inc. (the "Company") (NASDAQ: RENO), a circular economy and sustainability technology and services provider, today, has appointed Benjamin Banwart as Transition Advisor to assist the company in executing several key areas of the Company's new strategic roadmap that will lead it to an EBITDA-positive, transitioning to an asset-light, specialty-waste-technology-as-a-service model business.

Mr. Banwart has extensive experience with publicly traded companies in the climate technology, decarbonization, and ESG sectors seeking to execute an asset-light business model.  Benjamin is Co-Founder of Climate Commodities International ("CCI"), a premier trading, logistics, transportation, and commercialization services firm enabling the development of the climate economy.

Mr. Banwart will support the Board of Directors and management team in executing on the company's new strategic roadmap which includes improving capital markets communications and activities in support of strengthening the balance sheet and funding growth opportunities; and identifying opportunities to monetize, in an asset-light format, core competencies gained at the Martinsburg West Virginia facility in infrastructure services for the waste industry.  

Tony Fuller, Renovare's CEO commented, "We are excited by the addition of Ben to our team. As part of this new roadmap, Renovare has initiated a strategic review of the Martinsburg West Virginia resource recovery operation. We have learned much operating the facility and the time is right to determine the best course of action for this asset-based business line." 

Prior to Co-Founding CCI, Mr. Banwart was a Portfolio Manager at Millennium Management and Castleton Commodities. Mr. Banwart began his career in the investment banking department of Citigroup.

About Renovare Environmental, Inc.

Renovare Environmental, Inc. (Nasdaq: RENO), formerly BioHiTech Global, Inc., is a technology services company focused on providing cost-effective solutions that improve environmental outcomes. Our solutions for waste management include the 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. Our unique solutions enable businesses and municipalities of all types as well as educational and governmental facilities 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.renovareenv.com.

About Climate Commodities International

Climate Commodities International (CCI), a premier trading, logistics, transportation, and commercialization services firm enabling the climate economy. CCI operates through four segments: CCI Trading, CCI Logistics & Transportation, CCI Climate Transition & Growth Services, and CCI Principal Investments.  CCI is based in Dallas with regional offices in Bogota, Brussels, Kigali, New York City, Singapore, and Zurich.    Please visit: www.climate-commodities.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 Renovare Environmental, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Renovare Environmental, 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 Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. Renovare Environmental, 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:
Renovare Environmental, Inc.
Lisa Giovannielli
VP, Corporate Communications
O: 888.876.9300
E: lgiovannielli@renovareenv.com

Investors: 
ir@renovareenv.com

Media:
pr@coreir.com

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SOURCE Renovare Environmental, Inc.

FAQ

What is the role of Benjamin Banwart at Renovare Environmental?

Benjamin Banwart has been appointed as Transition Advisor to guide Renovare towards an EBITDA-positive business model.

What strategic changes is Renovare Environmental implementing?

Renovare Environmental is transitioning to an asset-light, specialty-waste-technology-as-a-service model as part of its new strategic roadmap.

When was Benjamin Banwart appointed as Transition Advisor?

Benjamin Banwart was appointed on February 28, 2022.

What is the expected impact of Banwart's appointment on Renovare Environmental's operations?

His appointment is expected to improve capital markets communications and help monetize core competencies from the Martinsburg facility.