U.S. Renewable Fuel Firm Invests $200 Million in Turkey
The U.S.-based clean technology company, Taronis Technologies, will open a facility in Turkey to operate the gasification units, the company stated in a press release on Saturday. The company is in the process of providing technological solutions to renewable fuel and sterilization problems through the use of its clean gas technology.
Taronis Technologies stated that 300kW gasification units will be produced at the facility that will be opened with an investment of $200 million.
In mid-November 2019, the company made an announcement about the launch of a Turkish joint venture, Taronis Fuels Turkey Gaz Enerji Sanayi ve Ticaret Limited Şirketi.
The press release also indicates that the legal process for the Ankara-based company has also been completed and that Turkey will supply all equipment for the production.
“Turkey’s strategic location in the heart of Europe, where the continent meets the ancient Silk Road trade route, offers competitive access to European and Asian markets,” said Scott Mahoney, CEO of Taronis Technologies, in the statement. “This will allow Taronis to access productive markets while seeking to accelerate the sale of additional gasification units to neighboring countries and the boom in sustainable fuels around the world.”
“With the possible sale of an additional fifty gasification units, this has the potential to generate millions of dollars in additional royalties back to Taronis Technologies. We have recently announced a share buyback program. We hope that shareholders can now begin to better understand why we canceled our recent proposed financing transaction and instead elected to pursue this strategy. We believe that the opportunity to collect scalable royalty income from international unit sales has the ability to deliver significant value beyond the initial Turkish joint venture,” concluded Mr. Mahoney.
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