Dynamic Energy Alliance Corp. has acquired waste tire recycling firm C.C. Crawford Retreading Co. Inc. for about $1 million.
The Memphis, Tenn.-based Dynamic Energy said in a news release that its subsidiary, Dynamic Energy Development Corp., has reached an agreement to buy all outstanding common stock of Crawford. That company recycles about four million pounds of waste tires annually and owns a 10-acre site at its headquarters in Ennis, Texas.
There, Dynamic Energy plans to develop the Pyrol Black Energy Campus. The operation will have the capacity to convert an estimated 100 million pounds of waste tires per year into oil, high-British Thermal Unit (Btu) gas, carbon black and recovered steel using a proprietary pyrolysis process, the energy and recycling company said. The company hopes to develop other sites after this initial operation.
"The Ennis site delivers many advantages to our company including existing permits, proximity to abundant tire feedstock, and strategic infrastructure and logistics resources for the collection and distribution of products across the country,” said Dynamic Energy Chairman Charles Cronin Jr.
Purchase payment will include $600,000 in cash and the assumption and subsequent settlement of approximately $350,000 in existing Crawford liabilities, and other related closing expenses. Dynamic Energy expects to complete the transaction April 20, contingent upon the company raising $1 million in capital within the next 30 days.