CTT to Provide Loan to Future Buyer of Shut WI Mill
May 9, 2006 (Press Release) - The Center for Technology Transfer, Inc. (CTT), soon to be renamed CleanTech Partners, Inc., announced that it will provide a loan of $300,000 to the company (organization) that purchases the Smart Paper Pulp and Paper Mill in Park Falls, Wisconsin. The recent closure of the mill affected the local economy and more than 300 former employees who live in the community.
The loan will be designated to implement six energy saving projects that are estimated to save three million dollars annually in energy costs. Focus on Energy, Wisconsin's energy efficiency and renewable energy program, announced that it will provide technical project support and financial incentives to install additional energy efficiency equipment with paybacks greater than two years. In addition, Focus on Energy will fund feasibility studies up to a maximum of 50 percent of the total cost.
CTT and Focus on Energy jointly announced that they will hire a consultant to conduct an air quality model to study the potential of installing a new wood-fired boiler that is estimated to save the mill an additional five million dollars in annual energy costs. The model is a requirement by Wisconsin's Department of Natural Resources to apply for permits. This step will reduce the time required when applying for permits by the purchaser of the mill.
"Securing funding for the air quality study and six energy efficiency projects is an important step forward in our efforts to rebound from the bankruptcy filing," said Frank Kempf, Administrator of the Park Falls Area Community Development Corporation. "We especially appreciate the fast response of the CTT and Focus on Energy. This will set a good example for other organizations investigating ways to help our effort."
Center for Technology Transfer, Inc.
CTT is a private non-profit, 501(c)(3) organization that commercializes new technologies to improve the competitiveness of Wisconsin's key industry clusters. CTT also provides financing for the installation of energy-efficiency best practices when financing from traditional sources is not available which is the case with this closed mill.
CTT's activities have the added benefit of keeping money in Wisconsin by reducing the amount of energy purchased from other states and nations. CTT is sponsored in part by Focus on Energy, Wisconsin's energy efficiency and renewable energy initiative.
Focus on Energy Program
Focus on Energy is a public-private partnership offering energy information and services to energy utility customers throughout Wisconsin. The goals of this program are to encourage energy efficiency and the use of renewable energy, enhance the environment and ensure the future supply of energy for Wisconsin. Since July 2001, the program has helped Wisconsin's businesses and residents cut their annual utility bills by more than $98 million - reducing their energy consumption by more than 811 million kilowatt-hours and more than 40 million therms of natural gas.
SOURCE: The Center for Technology Transfer, Inc.