Date: March 8, 2012
Source: Covanta Energy Corporation
Covanta Energy Corp. (Morristown, NJ), which owns and operates waste-to-energy projects, announced a strategic alliance with Steinert US Inc. (Walton, KY) to develop and expand Covanta's nonferrous metal recovery systems at its facilities. Steinert provides technology for metals separation as well as parts, application engineering and support. Covanta is eager to enhance its metals recovery from which it has made much more money in recent years in tandem with rising prices paid for scrap metal. In 2011, Covanta's 41 North American facilities recycled more than 400,000 tons of ferrous and more than 15,000 tons of nonferrous metal. "We are excited to be forming this strategic alliance with Steinert US to recover and recycle more metal from our EfW (energy-from-waste) facilities," says Seth Myones, president of Covanta Americas.
PRESS RELEASE
March 8, 2012
Covanta Energy Creates Strategic Alliance with Steinert US for Non-Ferrous Metal Recovery and Recycling Systems
Agreement to support Covanta's efforts to enhance metals recycling
Covanta Energy Corporation (NYSE: CVA), a leading global owner and operator of Energy-from-Waste projects, today announced a strategic alliance with Steinert US, Inc. for non-ferrous metal recovery systems. Steinert is a world leader in metal separation technology and will help provide equipment, spare parts, application engineering and planning support, and maintenance to the non-ferrous recovery systems at Covanta's Energy-from-Waste (EfW) facilities in North America.
The new agreement will support Covanta's organic growth initiatives and sustainability efforts to increase the amount of metals that are recycled from its EfW facilities. In 2011, Covanta's 41 EfW facilities in the North America recycled over 400,000 tons of ferrous and over 15,000 tons of non-ferrous metal. That's the equivalent amount of steel that would be used to build five Golden Gate Bridges and in the production of over one billion aluminum beverage cans.
"We are excited to be forming this strategic alliance with Steinert US to recover and recycle more metal from our EfW facilities," said Seth Myones, Covanta Americas president. "This is the first step in our plan to significantly increase non-ferrous metal recovery. "By partnering with a world-class expert like Steinert, we can get the job done faster and achieve efficiencies throughout our non-ferrous recovery systems."
The agreement will support the implementation of new non-ferrous systems at many Covanta facilities that currently do not have them and enhance systems that are already in place.
According to Steinert US President Jason Looman, "Steinert is pleased to have been selected by Covanta Energy as the preferred provider of world-class non-ferrous equipment and support. Steinert is committed to providing industry leading, total material recovery solutions and we look forward to incorporating those solutions into the Covanta Energy growth and sustainability model."
Recycling non-ferrous metal that would have been lost had waste been sent to a landfill instead of Covanta's EfW facilities prevents a tremendous amount of greenhouse gases. Mining and the production of raw metal material is a very carbon intensive process, therefore Covanta's current recycling efforts prevent approximately 165,000 tons of CO2 annually.
Recovering energy from waste after efforts to reduce, reuse and recycle have been employed is a critical component of managing our residual waste. For every ton of municipal solid waste processed at Energy-from-Waste facilities, greenhouse gas emissions are reduced by the equivalent of approximately one ton less of carbon dioxide emissions. This is possible due to the avoidance of methane from landfills, the offset of greenhouse gases from fossil fuel electrical production and the recovery of metals for recycling.
About Covanta
Covanta Energy Corporation is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 46 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into 9 million megawatt hours of clean, renewable electricity and create more than 9 billion pounds of steam sold to a variety of industries. For more information, visit www.covantaenergy.com.
About STEINERT US, Inc.
Established in the United States in 2003, Steinert US is the North American headquarters of Steinert Elektromagnetbau GmbH; the global leader in separation technology solutions for the scrap, waste, and mining industries. The company manufactures a complete line of magnetic and sensor-sorting equipment designed to separate and recover a wide range of materials. Driven by innovation and focused on satisfaction, Steinert combines over 120 years of superior technical expertise with world-class customer service to deliver the most reliable machinery in the industry.
For more information, contact:
Covanta Energy
Media
James Regan
862-345-5216
jregan@covantaenergy.com.
Investors
Alan Katz
862-345-5456
IR@covantaenergy.com.
Steinert US
Nicolle Williams
859-757-2085
Williams@steinertus.com.
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