Cielo secures another tranche of funding as Aldersyde Refinery passes operational milestones

February 10, 2020 |

In Canada, Cielo Waste Solutions Corp. announced that it has closed another tranche of its private placement offering of unsecured convertible debenture units, raising gross proceeds of C$690,000 in this tranche, for combined total gross proceeds of C$2,532,000 to date pursuant to the Offering.

It also announced that for approximately the last 5 weeks, the Aldersyde Refinery has been operating full-time, on a continuous-flow basis, producing renewable naphtha and diesel from wood biomass, which has been a major achievement for Cielo. The Aldersyde Refinery continues to produce at approximately 100 liters per hour and the Company has not yet increased the rate of production as it first wishes to improve the reactor and waste recovery process. The electric heat that was added to the exterior of the reactor is working extremely well, however, Cielo is determining the best method by which to uniformly heat the fluid inside the reactor. Cielo has hired a third-party engineering firm to work on designing a mixer for the reactor, which is anticipated to resolve any such issues. Optimization of the waste recovery process is also being addressed by the third-party engineering firm. Fabrication of the recommended design changes are underway and are anticipated to be completed in the near future.

Although the final decision to select the optimal desulfurization process has not yet been made, Cielo is in discussion with potential buyers that have expressed interest in purchasing all of the renewable fuels that can be produced at the Aldersyde Refinery with higher sulfur levels, which would allow for the sale of renewable fuels without completing the desulfurization aspect of Cielo’s technology. Both Cielo and the potential buyers are conducting lab tests to confirm that the Company’s renewable fuels being produced meet or exceed the required specifications.

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Category: Fuels

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