ATLANTA - A wood pellet bio-fuel plant in Laurinburg, NC will be acquired by GreenWorld Development Inc., (OTCBB: GREW), using $75 million from U.S. and Middle East investors.
Atlanta-based GreenWorld Development says the acquisition will be followed by improvement of the Laurinburg wood pellet plant and completion of development of biomass and waste to energy pipeline projects. The effort is contingent on conclusion of the private placement investment.
"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 U.S.," said GreenWorld CEO Leo Heinl, GreenWorld in a statement.
GreenWorld Development, Inc. an American-Irish business, signed a binding agreement April 30 to acquire the Laurinburg wood pellet plant, operating as Natures Earth LLC. for $16.5M. The plant as a capacity of 120,000 metric tons of wood pellets, capable of generating in excess of $20 million in annual revenues.
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