Innovative Resource Recovery finalized its deal to acquire a majority stake in the Municipal Waste Solutions facility in Hampden, Maine, a process that has restarted twice since the mixed-waste plant shuttered in 2020.
Officials with the Municipal Review Committee, an entity that represents 115 Maine communities, said in a statement that bringing the facility back online in partnership with IRR would be a step forward for the region's waste management practices.
"This partnership between MRC and Innovative represents a powerful synergy in our mission to build a more sustainable future. By combining our knowledge, experience, and resources, we are poised to transform waste management practices, maximize recycling rates, and promote environmental stewardship within our
communities," MRC Board President Karen Fussell said.
IRR must now make two $3 million payments as part of its deal with MRC, which will give the new operator a 90% stake in the plant. The company previously paid a $350,000 nonrefundable deposit, The Ellsworth American reported.
IRR CEO James Condela, also quoted in the statement, said the deal was an "important milestone" for his company, which is backed by multibillion-dollar asset management firm White Oak Global Advisors. Condela was the CEO and CFO of Continuus Materials from 2020 to 2022, when it sold a majority stake to WM, and has “over 25 years of experience in the environmental services, energy, and industrial sectors,” according to his LinkedIn profile.
The $70M facility, initially launched by Fiberight, uses its proprietary technology in a version of mixed-waste processing that recovers certain recyclables. Other materials are then run through a mechanical biological treatment process that can create biogas. The facility, launched in coordination with MRC, experienced several delays before finally opening in 2019, only to shutter in 2020 due to what it described as financial issues related to the pandemic.
The plant is expected to reopen in 2024 and reach full capacity in 2025, according to The Ellsworth American.