A company has lined up $140 million to build a renewable natural gas plant in LaPorte.
Nexus W2V said it now has the financing to start construction of the Kingsbury Bioenergy Complex, which will turn organic waste into renewable natural gas.
The Chicago-based company closed on a $75 million structured equity commitment from Orion Infrastructure Capital. It also has secured investment from Nexus Holdings and Khasma Capital, as well as debt financing from Ameris Bank.
"National waste is on the rise, and the legislation around waste management is quickly evolving to drive meaningful change across the industry," said Ben Hubbard, CEO of Nexus Holdings. "Nexus W2V is embracing that change and providing a cost-competitive alternative waste disposal method that's positive for both energy production and the environment."
Waste-to-energy projects have a spotty track record in the Region. Fulcrum Bioenergy, Maya Energy and Powers Energy of America all failed to get bioenergy plants off the ground, raising the ire of environmentalists and never making good on promises of millions of dollars of investment. Fair Oaks Farms, however, turns cow dung into renewable natural gas, which it uses to power its fleet of tour buses and other vehicles.
Nexus W2V plans to build a bioenergy plant at the site of the former Kingsbury Ordinance Plant, a sprawling city-sized munitions factory complex that was built south of LaPorte during World War II to support the war effort.
The new plant will turn organic waste into renewable natural gas, convert food and green waste to compost, and turn wood and agricultural waste to biochar.
"In conjunction with our newly forged capital partnership, Nexus W2V is well prepared to deliver industry-leading projects in the waste-to-value sector across North America, and OIC is excited to play a part in deploying these innovative solutions supporting sustainable landfill diversion and the reduction of associated emissions," said Chris Leary, investment partner and head of Infra Equity at OIC.
The company's flagship facility plans to process 200 tons a day or organic waste. The renewable natural gas it produces will be shipped to customers via the extensive pipeline system that already runs through Northwest Indiana.
The Kingsbury Bioenergy Complex is expected to employ 35 workers when it opens by the end of next year.
"The Kingsbury Bioenergy Complex will offer the greater Chicago area and western Indiana a long-term solution to their organic waste disposal needs," said Roshan Vani, CEO of Nexus W2V. "It's the first in a series of waste-to-value projects that Nexus W2V has planned nationwide and serves as a blueprint for how we plan to think about the waste-to-value ecosystem."
The company plans to provide waste remediation services to utilities, haulers and producers across the country. It also aims to be able to sort municipal waste.
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