LOS ANGELES, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Checkmate Capital has completed an investment in Community Eco Power (CEP), a leader in the waste-to-energy industry headquartered in Asheville, North Carolina. The investment gives Checkmate 20% equity ownership of CEP and Checkmate CEO Tom Paschall has joined CEP’s board of directors. CEP used the proceeds from the investment to acquire two waste-to-energy and waste-to-steam facilities in western Massachusetts, which will be upgraded to extend their useful life and potentially diversify inbound waste streams.
The facilities have a track record of providing reliable power in a responsible environmental manner for over 30 years. CEP’s waste-to-energy facilities are part of a growing industry that creates power while disposing a portion of the over 265 million tons of household waste that is generated in the U.S. annually. Waste-to-energy facilities provide an environmentally friendly alternative to landfills while also providing low cost power.
The first facility, located in Springfield, Massachusetts, processes up to 408 tons of waste per day and has a nameplate capacity of 9.8 MW. The second facility, located in Pittsfield, Massachusetts, processes 240 tons of waste per day and generates 34,000 lbs/hr of steam and approximately 850 kW of internally used electricity.
“We are delighted to invest in Community Eco Power, an innovative leader in the waste-to-energy industry,” said Tom Paschall, Checkmate Capital CEO, “These facilities have a proven cash-flow performance history, and we look forward to working with the company’s talented management team to diversify inbound feedstock and extend the useful lives of these valuable facilities.”
About Community Eco Power
Headquartered in Asheville, NC, CEP provides resources to communities to implement successful waste-to energy solutions. With two facilities in western Massachusetts, CEP converts municipal waste streams into usable power for industrial clients as well as provides electric power to homes.
About Checkmate Capital
Checkmate Capital is an investment group managing family office assets and Asian-Pacific institutional funds. Checkmate's primary areas of investment are agricultural bioscience, energy and energy technology, biomedical and biotechnology, and diversified special situations opportunities. With offices in Los Angeles, Beijing and an affiliate office in Singapore, Checkmate's investment partners provide seasoned and diverse expertise in their relevant industries and leverage a powerfully efficient international ecosystem of strategic partners, business talent and resources. For more information, go to www.checkmatecapital.net.