(HTI) a leader in engineering and installing waste-to-energy systems announced a manufacturing agreement and sale of minority equity interest to Morbark, Inc. of Winn, Michigan
Heat Transfer International, (HTI) a leader in engineering and installing waste-to-energy systems announced a manufacturing agreement and sale of minority equity interest to Morbark, Inc. of Winn, Michigan
HTI’s systems convert biomass to energy through SALT(TM) gasification. Morbark is the world’s leading manufacturer of size-reduction equipment for organic materials. The agreement, which will create dozens of green manufacturing jobs in Michigan, calls for Morbark to make a capital investment in HTI and to manufacture the biomass conversion systems engineered and marketed by HTI.
“HTI’s arrangement with Morbark is an important step in the on-going commercialization of our unique distributed renewable energy systems. With Morbark’s investment and manufacturing capabilities and quality, together with the supply partnerships already in place, we now have the elements in place to continue growing HTI’s business in step with the demand we are seeing in the coming months and years,” stated David Prouty, HTI President.
“The synergies between our two companies are significant, and this agreement is a very good fit for our growth strategies and the demand in the bioenergy market,” commented Lon Morey, President and CEO of Morbark, Inc.
HTI’s unique technology has been repeatedly demonstrated in a variety of industrial applications, with numerous gasification systems installed since the 1970’s. In October 2009, HTI will commission the world’s first hot air turbine, litter-to-power gasification system at Sietsema Farms Feeds operation in Howard City, Michigan. The Sietsema plant will convert 70,000 pounds of turkey litter per day into the electricity and steam energy needed to operate the feed mill, providing Sietsema with reliable power and long term predictable and stable energy costs. HTI and Morbark expect final details involving ReZone Energy tax credits before the end of the year.
Morbark, Inc., based in Winn, Michigan has been innovating and manufacturing durable, high performance equipment for the forestry, recycling, tree care, and sawmill markets for over 50 years. Morbark equipment helps customers harvest, process, and convert wood and other organic materials into valuable, useful and profitable products. Visit www.morbark.com to learn more.
HTI is a technology company specializing in distributed renewable energy power plants using organic waste gasification to create energy. HTI’s renewable energy systems are energy efficient, environmentally approved, and economical for small to medium sized applications. Customers gain energy self-sufficiency, flexibility and security by turning waste to energy, liabilities to assets and visions to reality. On the web at www.heatxfer.com