Billion Dollar Waste Management Industry Undergoing Transformation for Reducing Disposal Costs
PALM BEACH, Florida, June 7, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
As the world population continues to increase at extremely high rates, it only makes sense that there will be more consumption of goods and, therefore, more waste. There is no doubt that waste management will continue to grow in importance and cost throughout the world. As pressure from domestic and foreign environmental groups mounts, leaders in the revenue-rich waste management industry are turning to technology and evolving infrastructures in order to more efficiently collect and safely dispose of waste. With this improved efficiency comes the opportunity to reduce costs and therefore increase margins and Statista projects the global waste management market will surpass $560 Billion within two years. Sustainability is forcing giants in the waste management market to re-invent themselves and use innovative tactics to enhance operations, which is a strong driver of this growth. Active companies in the markets this week include BioHiTech Global, Inc. (NASDAQ:BHTG), Casella Waste Systems Inc. (NASDAQ:CWST), Renewable Energy Group Inc. (NASDAQ:REGI), Clean Energy Fuels Corp. (NASDAQ:CLNE), Covanta Holding Corporation (NYSE: CVA).
BioHiTech Global, Inc. (NASDAQ:BHTG) BREAKING NEWS: BioHiTech Global, a technology and services company that provides cost-effective and sustainable waste management solutions, today announced that Gold Medal Services, LLC ("Gold Medal"), a market leader in municipal, commercial, and industrial solid waste collection in the Philadelphia and Southern New Jersey markets, have teamed up to help Temple University reduce disposal costs while having a positive impact on the environment through a new bundled sustainable services offering driven by BioHiTech technology.
The new bundled services offering provides Temple University with Gold Medal's traditional disposal services in combination with BioHiTech's food waste digesters and supply chain data analytics platform designed to help reduce waste generation for one all-inclusive monthly service charge. Three digesters have been initially installed at the University with a capacity to divert more than 3,000 pounds of waste from landfills on a daily basis while eliminating many of the logistical impacts associated with collecting and transporting numerous small waste containers on a weekly basis.
"We are excited to launch this new services bundle with BioHiTech and to have Temple University as our first customer under this new services plan," said Mike Schmidt, Executive Vice President of Gold Medal. "Many of our business customers of all sizes have expressed a desire to cost effectively reduce their impact on the environment and we are excited to now become a one-stop-shop to help achieve that objective. By providing a valued customer like Temple with the technology tools to divert waste from landfills and to reduce waste generation through improved supply chain management, we can help to lower their disposal costs without sacrificing our own profitability. That is a win for Temple, a win for us, and most of all, a win for the environment."
John Johnson, AVP Service Operations of Temple University stated "Our University is committed to environmental responsibility and with Gold Medal's unique sustainable services we can divert a substantial amount of waste from landfills and reduce our overall disposal costs at the same time. Gold Medal is also helping us take it one step further by providing BioHiTech's data analytics to help make us smarter about what we are throwing away so that we can ultimately generate less waste which is good for the environment as well as our bottom line." Read this and more news for BHTG at http://www.marketnewsupdates.com/news/bhtg.html
In other industry news and developments:
Casella Waste Systems Inc. (NASDAQ:CWST) recently announced that it has entered into a $550 million credit facility with Bank of America, N.A., as administrative agent and swing line lender, Merrill Lynch, Pierce Fener & Smith Incorporated, Citizens Bank, N.A., JPMorgan Chase Bank N.A. and Comerica Bank as joint lead arrangers and joint bookrunners, and certain other agents and lenders. The credit facility provides for a term loan A facility in the amount of $350 million and a revolving credit facility in the principal amount of up to $200 million, with a $60 million sublimit for letters of credit. The interest rate margin applicable to LIBOR borrowings has been reduced, in the case of term loans, to 1.25% to 2.25% (from the current range of 2.75% to 3.00%) based on consolidated net leverage ratio, and in the case of revolving loans, to a range of 1.25% to 2.25% (from the current range of 2.50% to 3.25%) based on consolidated net leverage ratio. The credit facility matures on May 14, 2023 and replaces Casella's prior $510 million credit facility. Casella expects the total cost of this transaction will be approximately $4 million. Total annual interest savings is expected to be approximately $2 million initially.
Renewable Energy Group Inc. (NASDAQ:REGI) - alphaDIRECT EnergyTech Investor, LLC, a Publishing and Investor Intelligence firm, announced recently that Shawn Severson, Founding Partner and CEO, conducted a review of Renewable Energy Group (REGI) and its biomass-based diesel, market strategy, business model and corporate structure with Chief Executive Officer and President, Randy Howard. "With more than 20% market share, REGI is the largest biomass-based diesel producer in the United States, converting low value waste, fats and oils into high quality diesel fuel referred to as renewable biomass-based diesel. In our view, REGI delivers consistent financial returns by directly aligning economic and environmental benefits and by targeting markets like California and executing its strategy on a large industrial scale, " said Mr. Severson, Founding Partner and CEO of alphaDIRECT EnergyTech Investor, LLC.
Clean Energy Fuels Corp. (NASDAQ:CLNE) recently released commentary from Andrew J. Littlefair, president and CEO of Clean Energy Fuels Corp, about congressional support for natural gas legislation. "There has never been a better time for Congress to support the adoption of natural gas vehicles (NVGs) as a proven transportation model, one that has already been successfully adopted by municipalities across the U.S. Whether transferring goods, transporting passengers, picking up trash, or shuttling airport passengers, natural gas vehicles are helping to move America with a cleaner fuel. It's important that Congress provide incentives for the utilization of domestically-available energy sources-including the use of natural gas in Federal government fleets-and provide funding for natural gas research to accelerate the advancement of natural gas engines and vehicles. I applaud the leadership of Congressmen Mullin and Larson and the bi-partisan way in which this legislation was introduced and highly encourage the passage of the National Gas Parity Act in both Houses." e leadership of Congressmen Mullin and Larson and the bi-partisan way in which this legislation was introduced and highly encourage the passage of the National Gas Parity Act in both Houses."
Coventa Holding Corporation (NYSE:CVA) recently announced Connecticut port of Stonington will participate in its Fishing for Energy program. Fishing for Energy is a national partnership between Covanta, a world leader in sustainable waste and energy solutions, the National Fish and Wildlife Foundation (NFWF), the National Oceanic and Atmospheric Administration (NOAA) Marine Debris Program, and Schnitzer Steel Industries, Inc. It was established in 2008 to reduce the financial burden imposed on commercial fishermen when disposing of old, derelict (gear that is lost in the marine environment), or unusable fishing gear and thereby reduce the amount of gear in U.S. coastal waters. Since its launch, Fishing for Energy has hauled in more than 3 million pounds of old fishing gear, a portion of which has been retrieved directly from the ocean by fishermen. "I'm pleased to welcome the Fishing for Energy program to the State of Connecticut," said State Senator Heather Somers (R-Groton). "This collaborative and innovative program helps turn a potential environmental hazard and burden on local fishermen into an opportunity to recycle and generate clean energy for our communities.
Waste Management Inc. (NYSE:WM) recently announced that its Board of Directors has elected Thomas (Tom) H. Weidemeyer as Chairman of the Board. "We are extremely pleased that Tom has accepted the role of Chairman of Waste Management's Board of Directors," stated Jim Fish, President and Chief Executive Officer of Waste Management. "Tom has been a valuable member of the Waste Management Board of Directors for many years, and his operational and leadership experience position him well to lead our Board." "I am honored to have been elected as Chairman of the Board of this exceptional company," said Weidemeyer. "Since joining the Board in 2005, I've seen Waste Management execute extremely well on its strategy and deliver outstanding financial and operational performance. I'm excited to continue to work with our strong Board and management team to execute on our strategy and deliver shareholder value."
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