December 2, 2011
Cate Street buys rights to energy technology
Cate Street Capital, the new owner of the former Katahdin Paper Co. mills in northern Maine, has purchased the North American rights to the technology to manufacture a wood-derived fuel called biocoal.
Through subsidiary Thermogen Industries LLC, the New Hampshire-based company spent more than $20 million to secure the exclusive rights to manufacture a machine that makes biocoal, the Bangor Daily News reported. Biocoal, also known as torrefied wood, would replace coal burned at electricity plants, and Cate Street plans to manufacture it at its Millinocket mill. The company secured the rights to make the machinery, called Targeted Intelligent Energy System, from Scotland-based Rotawave Biocoal, and plans to install five or six of the machines in Millinocket starting in November 2012. The first biocoal produced would be shipped from Searsport to the United Kingdom. The company hopes to make Millinocket the first of four or five biocoal mills around the country. Cate Street has tapped engineers to develop plans for the biocoal operations, and must still finalize its financing and hire engineers to build the machines.
Cate Street in September bought the shuttered Millinocket and East Millinocket mills and operates them as Great Northern Paper Co. LLC. It has restarted operations at the East Millinocket facility and hired back 215 workers.
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