VANCOUVER, BC - Viridis Energy Inc. ("Viridis" or the "Company") CA:VRD -3.33% , a "Cleantech" manufacturer and distributor of renewable energy providing waste biomass fuel to global residential and industrial markets, announced today that its subsidiary, Scotia Atlantic Biomass Company Limited ("Scotia") has been awarded a Capital Investment Incentive of up to C$517,520 (the "Incentive") by the Government of Nova Scotia. Initial proceeds from the Incentive will be used for the purchase new capital equipment to improve production facilities at Scotia's plant. Additional proceeds from the Incentive will be drawn over the next several months.
The Incentive will be used specifically to purchase a Truck Dumper with a 6200 cubic foot hopper and an Intalogix weigh scale designed to improve the unloading of fiber, increase the types of trucks and sources that can be utilized, and importantly increase the amount of fiber delivered per truck load by up to 40%. In addition, Viridis will purchase a Destoner to improve the quality of material through the process, enhancing the Scotia plant's productivity and output quality while ensuring less downtime.
Commenting on the incentive award, Christopher Robertson, Viridis' CEO, said, "Since restarting operations late last year in our Scotia plant, we have been implementing process efficiencies that should support full production by the second half of 2014. Considering the growing demand for wood pellets in Europe combined with Nova Scotia's access to transatlantic ports, we are committed to developing our Scotia operations into a key component of Nova Scotia's economy. We are very appreciative of the ERDT's support."
"This program makes the most out of the opportunities businesses identify, and the investments those businesses make to capitalize on that potential," said Nova Scotia Economic and Rural Development and Tourism Minister Michel Samson. "Government is pleased to be able to partner with Scotia Atlantic Biomass as the company becomes more productive and pursues trade opportunities in strategic overseas markets."
The Capital Investment Incentive Program, administered by Nova Scotia's Department of Economic and Rural Development and Tourism ("ERDT"), encourages Nova Scotia businesses to become more innovative and productive by reimbursing up to 20 per cent of the cost of advanced equipment to a maximum of $1-million. For more information, visit www.novascotia.ca/econ .
Source: Viridis Energy Inc.
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