This past month, we achieved another two major milestones: 1) We selected a technology partner and, 2) We received Notice to Proceed from the IESO. We also continued discussions with FSCO regarding additional bonds, which should be available in the coming weeks, and spoke with numerous waste management companies regarding our feedstock needs.
Bond Sales & Revised Offering Statement
Since we began taking names and pledges for a waiting list, we have 162 individuals and total pledges of between $765,000 and $1,012,000. We are planning to sell more bonds in the coming weeks, once we receive approval from the co-op regulator (FSCO), so please stay tuned for more info shortly. If you would like to get on our official waiting list, please fill out the form here (make sure to check the “Yes, I am already registered as a ZooShare member” box).
Notice to Proceed
The Independent Electricity System Operator issued Notice to Proceed to ZooShare on October 27th. As far as our FIT contract goes, the last remaining step is to complete construction and reach our Commercial Operation Date (when power will begin to be exported to the grid).
Biogas equipment and financing
After spending about a month reviewing technology proposals, asking questions to understand the gaps and differing design philosophies, on October 26th, ZooShare’s Board approved the recommendation made by its Executive Director to select BIOFerm Viessman as our technology partner. BIOFerm Energy Systems is a Wisconsin-based renewable energy company providing North American operations with sustainable waste management technology through anaerobic digestion. BIOFerm is a member of the Viessman Group, a $2.8 billion family owned business since 1917. Viessman has installed over 400 anaerobic digestion facilities through the biogas companies of the Viessman Group.
In addition to a very strong proposal, BIOFerm also offered ZooShare construction financing at an attractive rate, which we were happy to accept. This financing, together with our Community Bonds previously issued, will cover the costs of construction.
We are extremely excited to be working with BIOFerm Viessman on this project and to begin construction in Spring 2016.
While our discussions continued with multiple waste management companies, we have nothing new to report from the last month on this front. We will continue to negotiate and work towards an agreement with our grocery partner, which should only be helped by the additional milestones recently achieved.