Novo Energies Corporation’s subsidiary WTL (Waste to Liquid) Renewable Energy, Inc. (“WTL”) has developed and designed a novel process to transform plastic and tire waste products into liquid fuels such as diesel, gasoline and fuel additives. Novo anticipates the commencement of operations at its first plant during the first quarter of 2010.
The size of the renewable energy market was $55 billion in 2006 and is forecasted to exceed $226 billion in 2016 according to an independent study conducted by Data360. The largest portion of the renewable energy market consists of biofuels such as WTL’s process of transforming plastic and tire waste into liquid fuel. This segment was $20 billion in market size in 2006 and is forecasted to reach $80 billion by 2016, accounting for over 30% of the entire renewable energy market.
Andre L’ Heureux, President of Novo Energies Corporation, stated, “We look forward to being a part of the dynamic growth of the renewable energy market, specifically the biofuel sector. We are confident our novel technology and process will allow us to be an integral part of this growing market. Moreover, it is our mission to reduce the amount of wastes going into landfills and create valuable and useable fuels in an environmental and cost effective manner.”