US Adama Technologies May Sell Bucharest Energy Project For $15M

04.20.2011 ZF English

Adama Technologies Corp, an US-based clean-tech company, Wednesday said it has signed a non-binding agreement to sell the rights to a renewable energy project in Bucharest for about $15 million.

Adama Technologies Corp, an US-based clean-tech company, Wednesday said it has signed a non-binding agreement to sell the rights to a renewable energy project in Bucharest for about $15 million.

The project under negotiation is a 2.5 MW municipal waste gasification project and the price is subject to an independent appraisal. Due diligence by the unnamed purchaser is required to conclude by July 30, 2011, Adama Technologies said in a statement.

It said the company seeking to purchase rights to the project develops projects focusing on greenhouse gas emission reduction and renewable energy production.

In September 2010, Adama Technologies said it plasn to build four tire recycling factories in Romania in partnership with several local investors