Greenwood Fuels Awarded $1.25m in State Energy Program Funds
Greenwood Fuels has received a $1.25 million low-interest loan through the Wisconsin State Energy Program. The loans, awarded by the Wisconsin Department of Commerce, were funded through the American Recovery and Reinvestment Act.
Greenwood Fuels invested more than $5 million in equity capital to refurbish its existing manufacturing facility and purchase and install new equipment to triple its production capacity. The project will create six additional local manufacturing jobs. In total, approximately $40 million of capital has been invested in Greenwood’s first plant since inception in 2009.
The $7 million in State loans will support a total investment of nearly $35 million total in renewable energy projects. The awards were announced by Commerce Secretary Aaron Olver.
Greenwood Fuels is committed to delivering cost-effective renewable fuel solutions to a wide range of customers that are seeking a sustainable and environmentally-friendly alternative to coal. Since 2009, Greenwood has been operating its manufacturing facility in Green Bay, Wisconsin, with annual production capacity of approximately 150,000 tons and is currently developing other facilities in the USA and abroad.
Greenwood produces superior renewable fuels from an efficient process that repurposes a broad array of industrial waste streams otherwise destined for regional landfills. The company’s products are specifically designed for use with existing infrastructure, thereby eliminating the substantial upfront capital expense associated with other renewable technologies.