Cielo and Renewable U LA will proceed with the negotiation of a joint venture agreement with terms that are substantially the same as those previously announced for the four joint- venture refineries in Alberta
Image: Cielo confirms MOU for Lethbridge Refinery. Photo: Courtesy of Markus Naujoks/Pixabay
Cielo Waste Solutions Corp. is pleased to announce that it has received the balance of the $250,000 joint venture fee (JV Fee) from Renewable U Lethbridge (Renewable U LA) pursuant to a Memorandum of Understanding between Cielo and Renewable U LA (the MOU) as announced on July 30, 2019.
Renewable U LA advanced $100,000 to Cielo upon the signing of the MOU and has now delivered the balance of the fee to secure the territory of Lethbridge, AB and the area encompassing a 100-km radius around Lethbridge. Cielo and Renewable U LA will proceed with the negotiation of a joint venture agreement with terms that are substantially the same as those previously announced for the four joint- venture refineries in Alberta.
The MOU for Lethbridge marks Cielo’s fifth renewable diesel JV refinery that are intended to each be engineered to convert approximately three tonnes of garbage per hour, including plastics, into high-grade renewable fuels, using Cielo’s proprietary technology. Renewable U Energy Inc. and its affiliated companies, including Renewable U LA, will be financing Cielo JV refineries to be built in Lethbridge, Grande Prairie, Medicine Hat and Brooks. The original refinery is now being commissioned in Aldersyde, just outside of Calgary.
Lionel Robins, CEO of Renewable U LA, commented “We are pleased with the favorable response we are receiving from key stakeholders in Alberta. This further demonstrates to us that we are not the only ones that believe in the unique and proprietary technology that Cielo is commercializing. Not only do we feel positive about having advanced $1 Million in JV Fees to Cielo and the way things are progressing at Cielo’s Aldersyde refinery, but we are also proud and honored to be contributing to Cielo achieving their goal to have Canada be recognized as a world-leader in solving the planet’s garbage crisis through green renewable fuel technologies.”
An operational update will soon follow.
Executive Change:
Cielo would also like to announce that Michael Yeung, VP of Capital Markets and Business Development, will be leaving Cielo to pursue other opportunities. “We were very fortunate to have had Michael on the team,” said Don Allan, President and CEO of Cielo. “We wish him good fortune in his new ventures and thank him for his time with us.”
Source: Company Press Release