Morgan Stanley has agreed to invest up to $60 million in San Diego-based, woman-owned Bull Moose Energy.
The company plans to build biomass power plants near urban centers.
The first project will be with San Diego Gas & Electric (SDG&E), which has has contracted with Bull Moose to purchase 20 MW of biomass electricity year. The company anticipates breaking ground on the new plant in fall 2007 and delivering the first power in 2008.
“With new technology, we have the opportunity to recycle a byproduct of our everyday lives that is currently being discarded into the local landfills,” said Amanda Martinez, CEO of Bull Moose. “Today, some 30 percent of the waste being discarded is clean wood. By locating our facility where both a large renewable fuel source exists and the power is used, the efficiencies and benefits multiply. Localized green power production will divert waste from landfills, extending their lives and reducing tipping fees paid by local governments.”
The Bull Moose facility will gasify green waste, such as tree trimmings, providing electricity for over 20,000 homes.
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