Coastal Capital Acquisition Corp has established a limited liability company for the purpose of entering into a joint venture (JV) agreement with WRW Holdings.
The JV will develop an alternative waste-to-energy micro bio-refinery in North Charleston in the US state of South Carolina.
The project, which is expected to cost $9.9m, will be financed with a traditional lender and an equity infusion by the JV partner.
The refinery is designed to produce about two million gallons of drop-in green diesel per annum along with 200k gallons of drop-in green gasoline.
Renewed World Energies, a subsidiary of Aventura Equities, will provide the algae bio-reactor component of the refinery, and Aventura will also provide the operational management of the project.
Coastal Capital Acquisition Corp is a majority owned subsidiary of Aventura Equities.