In a breakthrough development, Recycled Energy Development, an industrial cogeneration specialist, will pair with Denham Capital Management, a private equity firm, to develop a $1.5 billion portfolio of ‘energy recycling’ projects. These projects will use waste heat from factories and other industrial facilities to generate power.
Thomas Casten, the chairman of Recycled Energy Development, commented that large amounts of energy is unused by factories and power plants. Cogeneration efforts could tap into heat that could be used to cut greenhouse emissions and boiler fuel costs.
“RED sees climate change mitigation as an enormous economic opportunity for U.S. industry,” Casten said. “By recycling waste energy, RED will improve industrial competitiveness, create large quantities of clean energy, significantly reduce greenhouse gas emissions, reduce the demand for fossil fuel, and stimulate economic growth.”
Studies released by the U.S. Environmental Protection Agency and the U.S. Department of Energy show that recycling energy that is currently wasted could produce nearly 200,000 megawatts of clean power. This staggering amount is equivalent to about 20 percent of U.S. electricity generating capacity.
Casten belives that recycled energy power plants could be run continually, and could cut total U.S. fossil fuel use and greenhouse emissions by 20 percent.
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