N.Y. Energy Co. Gets $100M Stimulus Grant
MONTGOMERY, N.Y. (CBS 2) — One New York company is seeing big news and big bucks from the federal stimulus program.
Taylor Biomass Energy in Orange County is getting $100 million in loan guarantees to expand, create jobs and create green energy as the company turns trash to treasure. The recycling business sorts trash efficiently and turn it into things like wood mulch and bits of brick for paving projects.
Jim Taylor, the company’s CEO, is being given the money to make a new plant – and tap into tremendous potential for the economy and environment.
“This is one of those technologies that potentially changes the way the world does its business,” Taylor told CBS 2’s Tony Aiello.
That’s why he’s getting an Innovative Technology Grant from the Obama Administration to turn the garbage into energy.
Senator Chuck Schumer speaks highly of the project.
“There were tons of projects,” Schumer said. “Most of them rejected.”
Even after recycling everything they can, of course there is still trash left over. And that’s where this new plant comes in.
It’ll take the un-recyclable material and turn it into gas that can be burned in vehicles, or run turbines that produce power.
The project will also produce 300 construction jobs and 90 permanent jobs once the plant is built. Mr. Taylor noted that his company took their plan to over 150 Wall Street firms, but were turned away. He urges anyone who disagrees with the stimulus package to visit his site to see what the money can do.
The company hopes to start building the new plant in October and has invited President Obama to the groundbreaking.