Green EnviroTech to buy waste-to-energy co FWD:Energy

Scrap tyres. Author: 51% Studios Architecture. License: Creative Commons, Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0)

US green technology company Green EnviroTech Holdings Corp (OTCMKTS:GETH) said today it has agreed to take over waste-to-energy firm FWD:Energy Inc, subject to completing due diligence.

The business being acquired builds facilities that convert scrap tires into renewable energy and other industrial commodity products. It has operations in Ohio, Nevada and Colorado, according to its website.

"FWD has developed a proprietary second generation technology that has the potential to generate excellent incremental financial returns at commercial scale over and above the returns that will be generated by the GETH GEN 1 Processing Solution,” said Chris Bowers, CEO of GETH. He added that the company plans to have a full-scale FWD:Energy line in operation in the second quarter of next year.

Green EnviroTech said it will buy FWD:Energy in exchange for cash and stock, but did not mention the agreed value of the transaction.

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