Golden Renewable Energy Raises Growth Capital from Fortistar

Leading Private Investment and Energy Management Firm Invests in
Waste Plastics Disposal Company with Cutting Edge Technology

YONKERS, N.Y.–(BUSINESS WIRE)–Golden Renewable Energy, LLC (“GRE”), a market leading provider of waste
plastic to energy technology, today announced that it has raised growth
capital from Fortistar Capital, LLC (“Fortistar”), which invests in
sustainability-focused and innovative energy sources that are helping to
facilitate U.S. decarbonization efforts, to transition the United States
to a zero-carbon economy. The funding further accelerates GRE’s momentum
in ramping production of its Renewable Fuel Production Units (“RFP
Units”), and in developing projects that incorporate its proprietary
technology to provide environmentally sound solutions for the disposing
of waste plastic.

GRE’s goal is to offer an efficient, scalable and cost-effective
solution to the world’s waste plastics problem – sustainability at no
additional cost. It has been calculated that the total volume of all
plastics totals 8.3 billion tons, of which some 6.3 billion tons is now
waste. Of this waste, 79% is in landfills or the natural environment. It
is estimated that approximately 9% of plastics are recycled and
approximately 12% are incinerated, further creating corresponding
environmental issues. More shockingly, it
is estimated that approximately 10 million tons of plastics currently
end up in our oceans and waterways each year.

By creating a modular and scalable solution that can be deployed at the
source of plastics waste, GRE offers an economic alternative to landfill
waste plastic disposal, without the environmental impact of traditional
incineration. Furthermore, GRE’s technology offers another alternative
energy source without the carbon footprint of traditional fossil fuels.
This difference in approach, and a seemingly infinite source of input
material in the form of essentially any type of waste plastic, is
expected to accelerate GRE’s growth.

GRE’s RFP Unit is a continuous feed system that uses pyrolysis to
convert residential, commercial and industrial waste plastics into GRE
Renewable Diesel, which is comparable to ASTMD 396, commonly used as
home heating or industrial use fuel. Modular and conveniently compact in
size, GRE’s RFP Units and their proprietary, patented process allow the
pyrolysis conversion to take place efficiently, economically and in an
environmentally responsible way, making it the choice for both the
public and private sector to use in taking on the challenge of
responsibly disposing of America’s continually accumulating waste
plastic products.

"The combination of Fortistar’s decades of energy investment management
expertise, coupled with GRE’s leading, innovative waste plastic
solution, make us ideal partners,” said Mark Comora, President of
Fortistar. He continues to say, “We are proud to help GRE’s management
team bring their cutting-edge technology to address the global plastics
disposal challenge.”

“We are very pleased that Fortistar and others have recognized that GRE
has a revolutionary, powerful, proven and immediately actionable
solution to today’s serious waste plastic problem. We look forward to
having them as partners as we execute on our business plan to install
our innovative RFP Units quickly throughout the U.S. and eventually
abroad,” stated Nicholas Canosa, founder, President and CEO.

"We applaud GRE’s innovation and commitment to delivering a real
solution to the world’s waste plastic problem," said Nadeem Nisar,
Managing Director at Fortistar. “We are confident in GRE’s unique
technology and business model and believe it will quickly become the
go-to provider of waste plastic solutions across a large potential
client base, both in U.S. and internationally.”

ABOUT GRE

Golden Renewable Energy, LLC (“GRE” or the “Company”) is a leading
technology provider in the renewable energy industry. Headquartered in
Yonkers, New York, GRE was founded in 2010 by Nicholas T. Canosa,
President and CEO of GRE.

GRE’s proprietary technology converts residential, commercial and
industrial waste plastics into GRE Renewable Diesel, which is comparable
to ASTMD 396, commonly used as home heating or industrial use fuel,
using its proprietary, patented process.

To learn more about GRE, visit www.goldenrenewable.com.

ABOUT FORTISTAR

Headquartered in White Plains, New York, Fortistar is an
opportunity-oriented, private investment and energy asset management
firm that is distinguished by its experienced people with a deep
understanding of energy operations, financing and development. For more
than 40 years Fortistar has built, invested in and managed a portfolio
of successful sustainable and clean energy generation projects in the
U.S. and Canada.

The company’s exceptional accomplishments are built on a foundation of
outstanding professionals and their ability to forge strong
relationships with investors, customers and local communities. Fortistar
owns and operates lower carbon energy generating companies in The United
States and Canada that support the transition to a low carbon economy.
These companies include cogeneration facilities; compressed natural gas
fueling stations; landfill power plants; projects that reduce carbon in
industrial facilities, and biomass facilities.

Fortistar businesses include its New York Cogeneration Portfolio,
TruStar Energy, Primary Energy Recycling, Fortistar Methane Group,
Fortistar Biomass Group, ClockIN, and Carbonfree Chemicals.

For more information, visit: www.fortistar.com.

Contacts

GRE:
Michael Moreno
COO
[email protected]
or
Fortistar:
Makovsky
Andy
Beck
[email protected]