Morbark, Inc. announced an agreement with Heat Transfer International (HTI) of Kentwood, Mich. HTI is a technology company providing turnkey waste-to-energy systems which create renewable energy through SALT gasification of biomass. The agreement, which will create dozens of green jobs in Michigan, includes a manufacturing agreement for Morbark and an equity investment in HTI.
Morbark’s investment in HTI is perfectly in line with the company’s decades old vision of sustainable energy through responsible forestry. “Not only will we manufacture the finest wood reduction equipment, but we’ll be producing the systems which convert wood and other organics into usable electricity and steam,” said Lon Morey, president and CEO of Morbark. “Our agreement with HTI will allow us to do what we do best – manufacture large custom equipment systems with world class quality, and allow HTI to focus on managing the rapid growth of its exciting sustainable energy technology,” added Morey. HTI and Morbark expect final details involving ReZone Energy tax credits before the end of the year.
“We feel very fortunate to have found a manufacturing partner that understands our business and shares our visions,” stated David Prouty, HTI President. Our two companies have synergies that will allow us both to move forward more quickly and directly. Morbark gives us the manufacturing systems and capacity to manage many projects at the same time allowing us to keep up with the growth we expect,” continued Prouty.