The company will use the proceeds to fund the acquisition and undertake upgrade works at the wood pellet plant located in Laurinburg, North Carolina.
Part of the funding facility will be used to complete the development of the company’s biomass and waste to energy pipeline projects.
Discussions are currently underway to conclude the definitive agreement between the parties.
GreenWorld CEO Leo J Heinl said, "The purchase of the North Carolina plant will bring the company into revenue, and this will support our developed plans to acquire and to develop further Wood Pellet plants in the US."
GreenWorld Director Merger & Acquisitions Niall Shanahan said, "We look forward to completing the acquisition of Laurinburg and completing the Waste to Energy power plant projects under development."
GreenWorld Development is a developer of sustainable products for efficiency goods and services.
