Scorpex, Inc., an emerging leader in the disposal and recycling of industrial and hazardous wastes for the Baja Mexico/California region, recently announced that it has received financing commitments from two different sources for up to $35 million USD. The financing is contingent upon the issuance of necessary permits, which are expected to be granted in the near future.
The loans are to be secured by the company’s equipment, receivables, land, and other assets. Scorpex stands out among small developing companies in that the company has had no problems obtaining significant financing commitments. A big part of this is due to the fact that Scorpex continues to have clients lining up for its industrial disposal services even though the company may not be operational until next year. The extensive demand for their service has forced them to put some potential clients on a waiting list.
One of the major assets the funds are being used for is an advanced-technology waste gasification/thermal oxidation system, to be supplied and installed by International Environmental Technologies (IET). At a cost of $30 million, it actually represents a lower capital investment than competing systems, together with a lower cost of operation, and a construction time of only 6-12 months. IET will install the system, train supervisory personnel to operate and maintain it, and will even provide spare parts. The purchase price also includes the necessary license to use the technology.
Payment for the system will be divided up as follows:
• $9 million upon initial release of funds from the lender
• $9 million upon completion by IET of associated engineering work prior to installation
• $9 million upon completion by IET of steel framework installation
• $3 million upon final installation, testing, and commissioning
The financing of such a purchase is considered a significant vote of confidence by the financial community, and a clear acknowledgement of the huge and growing demand for a viable waste management solution in the area.
For additional information on Scorpex, visit the company’s website at www.Scorpex.com
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