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GreenWorld Development, Inc. (GREW) Inks Prelim Agreement With Investor Group For $75M Private Placement

GreenWorld Development, focused on the production of alternative energy and sustainable renewable energy sources, today announced it has entered into an agreement with a group of investors to provide a $75 million private placement facility.

The company will use the proceeds to finance the acquisition and improvement of the Laurinburg, North Carolina, Wood Pellet plant, as well as to complete the development of the company's biomass and waste to energy pipeline projects.

GreenWorld CEO Leo J. Heinl noted the significance of the agreement in correlation with the company's expansion plans.

"This is an important step for the company's growth and development plans. The purchase of the North Carolina plant will bring the company into revenue, and this will support our developed plans to acquire and to develop further Wood Pellet plants in the U.S.," Heinl stated in the press release.

The company's current plan is to treat municipal, industrial, and agricultural solid waste, generating revenues through the sale of electricity to national grid operators, collecting gate fees on each ton of waste entering its facilities for treatment, and through the selling of residuals from the conversion of waste-to-energy.

The company is working with the facility providers to conclude the definitive agreement.

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