Green Bridge Industries, Inc., a green products and technologies company, is entering the US renewable energy market by completing the acquisition of Team Energy, Inc., a multi disciplined energy service company and developer of renewable energy projects. The management of Team Energy recently won the bid with the City of St. Cloud, Florida to develop a landfill gas collection system on the landfill located within the city limits. Under the terms of the contract Team Energy will extract the methane from the landfill, clean, compress and sell the finished gas product as biomethane/CNG (compressed natural gas) for use in vehicles.
“We are excited about the acquisition of Team Energy, Inc., and the Green Industry expertise it brings to Green Bridge,” stated Don Wood, CEO of Green Bridge Industries, Inc. “We feel Team Energy’s business model will help us expand and grow Green Bridge in a new and more profitable direction by introducing its shareholders into the booming renewable energy market.”
A recent study shows that in its first year of operation the City of St. Cloud landfill will produce 800,000 to 900,000 GGE’s (gasoline gallon equivalent), with an expected production life of approximately ten years. During this span revenues are expected to exceed $15,000,000. The City of St. Cloud, which has been flaring (burning) the gas as required by law, will also share in the success of Team Energy by receiving royalties for the life of the landfill.
In May this year, Don Wood, chief executive officer of Team Energy, said the landfill, closed in February 2004, generates approximately 536,000 standard cubic feet of landfill gas every day. Wood said St. Cloud has a 10-year supply buried in the landfill. One local trucking company, Refrigerated Express, signed an agreement with Team Energy to buy as much as 75 percent of the CNG it produces.
“Our plans are to continue approaching similar municipalities and cities with these types of landfill projects,” stated Henry Martin, COO of Green Bridge Industries and Team Energy, Inc. “It not only makes economic sense for the cities, it’s also a positive statement to the citizens of their community about how committed they are to sound environmental practices.”
(This article primarily compiled using information from a Green Bridge Industries, Inc. press release)