A new waste-to-energy facility will kill two birds with one stone by trimming down the need for landfill use and powering thousands of homes and businesses in Herten, Germany.
Concord Blue has announced that a $43 million contract has been awarded to Lockheed Martin Energy to proceed with engineering, procurement and construction tasks of the planned 5-megawatt bioenergy facility with an aim to make the facility operational before the end of 2017.
The upcoming plant will use Concord Blue’s Reformer technology to transform forestry waste into electricity. It will process an estimated 50,000 tones of raw waste per annum, and produce power for 5,000 homes and businesses.
The technology in question converts waste into power through the ‘advanced gasification’ process. The technology is capable of converting almost any kind of organic waste into power.
While available technologies make use of perilous incineration methods, Concord Blue’s Reformer technology converts waste material into power using heat transfer that don’t produce hazardous byproducts.
Following the announcement, stock in Lockheed Martin Corp. gained 0.3 per cent to $217.17 a piece. Since August 7, 2015, the stock has jumped 0.21 per cent, outperforming the S&P500 by 6.38 per cent.