Summit Energy Initiative Update
First of all we appreciated the interest in our goings on with regards to our opening a 'plastic to fuel' plant in Smiths Falls ON Canada. As novices we made several communication mistakes, but the good news is we have learned so much from those gaffes. Also, the team is much larger now and includes a public relations person.
The first update is our name change. We decided on ReNRGY as Summit Energy was too closely related to a home energy reseller with a bad public image. Our business focus has also changed mainly because of the original goal of removing plastic from the environment really wasn't going to be very effective with us just taking several tonnes per day, so after many reviews, we decided that we will also manufacture the systems in addition to operating several large plastic to fuel plants in North America. The systems we manufacture will be suitable for large industrial users, smaller municipalities, northern communities and the third/developing world. With the combination, of our large plants and the multitude of smaller plants that others will operate, we can truly take a major shot at removing a very significant amount of plastic from the environment.
Our second update is that we have found a home in Brockville ON Canada and we expect to file for our regulatory permits in early February. There is no re-zoning process to be muddle our efforts and the location is ideal - in the centre of a large industrial area with no impact on residential areas. While the public will have their say during the environmental review, we've developed a comprehensive communications plan and are ready to educate, educate and educate.
We have secured our main investment which is flexible enough to allow us to grow as fast as we want, a Letter of Intent with a major regional fuel company to purchase a VERY significant amount of fuel from us over a 15 year period and commitments from several large multi-national corporations to supply an enormous amount of the right plastic. Our final hurdle is the securing of some soft capital ($602K (yes, I am precise)) to fund some additional research and provide sufficient cash flow for engineering, equipment and other associated startup costs. The good news is we only need to capital for a short period of time.
Over the past few months we've been concentrating on the science and technology of both the systems we will be using to process several tonnes of plastic into pump-grade fuel and the smaller systems we will be manufacturing for sale to interested parties. Together with help from a major Canadian university and support from a major federal government agency we've proven what we always believed was possible. We can make pump-grade fuels and the "only" waste from the process has the caloric potential of high-grade coal.
Going forward, we'll be on the lookout for growth and globalization expert or entity to help us with that huge task. It was not lost on us that the American Chemical Council has predicted that in the USA alone there is an estimated market for over 600 plants by utilizing only 7% of all the plastic currently being sent to landfill. We've got a great team and a talented Board of Advisors but have limited exposure to the kind of growth strategies that this initiative will require.
Smiths Falls was one year ago, a dreadful time of frustration, but it is behind us now. Now we see the potential and the good news is - so have others. Our website doesn't have much but over the next 30 days or so - we will pack it with information.
if you're interested in receiving some information, please let me know.
Jake
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