New South Wales, Australia based waste to energy technology developer, Pacific Pyrolysis (PacPyro), is seeking to raise between $2.2 million and $4 million from an initial public offering and then list on the Australian Securities Exchange, according to a report in The Australia.
According to the report the company eventually hopes to utilise used nappies to generate energy, but is currently focused on processing organic waste with it pyrolysis based waste treatment technology.
PacPyro is developing and commercialising its slow pyrolysis technology under which organic material such as green waste or chicken manure is heated at high temperatures until it decomposes and creates a gas and a “biochar”, the report said.
The technology platform has been engineered to heat organic matter in a vessel, which is designed to provide an oxygen free environment whilst allowing continuous processing. Under such conditions the organic matter undergoes a pyrolysis reaction, liberating syngas and yielding a solid product called biochar.
According to the company the biochar is a concentrated carbon product which is chemically very stable due to its aromatic structure and can be used as an additive to soil to boost agricultural production and sequester carbon.
The company also claimed that its technology is capable of processing feed streams with a large range of particle size distributions (from dust up to 40mm) and moisture contents (from bone dry to 70%).
PacPyro is already operating a demonstration plant at Somersby near Gosford in new South Wales and is reported to be looking to develop a pilot plant of commercial scale southeast of Melbourne.
The planned facility is expected to be capable of treating two tonnes of waste per hour and store as much as 50,000 tonnes of carbon dioxide each year. According to the report the company is hoping the plant will be operating in the first six months of 2013.
According to The Australian, PacPyro chief executive John Glen said that the company is seeking partners such as waste management companies, engineering firms and institutional funds. It is offering up to 20 million shares at 20c each.
The IPO closes in mid-February.
