News and Announcements
DomaCom Ltd (ASX: DCL) Partners with Utilitas Group to Raise $4.3m for BioHub Facility
- Published October 09, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- The Northern Rivers is ready to create another first.
- The project will come up with a bio hub facility that will transform wastewater and organic waste from the Richmond Valley area into clean water, energy among other bioproducts.
- $4.3 million intended to secure the site and expand the bio hub, is to be raised.
With the intentions of building Australia’s foremost crowdfunded bioHub in Casino, the Northern Rivers is ready to create another first.
This project will put up a bio hub facility aimed at transforming the wastewater and organic waste from the Richmond Valley area into clean water, energy among other bio-products.
A bioHub developer based in Brisbane, the Utilitas Group Pty Ltd, has partnered with Domacom Ltd to raise $4.3 million intended to secure the site and expand the bio hub.
According to Vaughan Macdonald, Richmond Valley Council General Manager, the Casino had been plotted as the perfect site to start a bio hub as a result of the complete size of biomass sourced from the nearby agricultural and food processing industries.
Vaughan Macdonald added that Utilitas talked to the council in 2016 and is at present in the quest for investment from business and community. He said that the crowdfunded bioHub in Casino was to be situated proximate to their sewerage treatment plant. He further added that the sludge, which is a by-product of the process, will be used in conjunction with the food organics among other green waste.
Richmond Valley Council General Manager also reported that the bio hub is scale-able with the ability to be developed contingent on the amount of product available.
Fiona Waterhouse, Utilitas CEO, reported that while the plant is meant for industrial use, there is sufficient capacity to power several homes at the time of future expansions.
Utilitas aims at engaging the local contractors to put up the project. This will create three jobs at the plant beside offering employment opportunities for the transport and sales of byproducts.
Utilitas CEO stated that the target return to the investors from DomaCom would be approximately eight percent per year.
The bioHub is approximated to be fully operational within 12 months contingent on a successful capital raising as well as an approved regulatory pathway.
Cr Macdonald stated that the council will be working tirelessly during the subsequent year to speed up the project.
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