GreenMan Technologies receives $196K grant to install shredding equipment. GreenMan Technologies, Inc. has been awarded a $196,000 low interest loan form the State of Iowa to fund new scrap tire processing equipment for it's Des Moines plant.
Mark Maust, Midwest regional vice president stated, "The $1.5M upgrade to our Des Moines facility last year provided us with the ability to internally produce feedstock material for our higher value crumb rubber granulation operation and to increase our shredding capacity to handle higher tire volumes. The new shredding and screening equipment being purchased with the proceeds of this loan is in response to increased market demand for smaller tire derived fuel products. We can now market our Iowa alternative fuel products to a wider base of customers at higher margins." We anticipate this initiative to be fully operational by the end of May 2004".
Bob Davis, GreenMan's president and CEO stated" This loan reflects mutual governmental and industry confidence in the State of Iowa scrap tire management initiatives and our collective commitment to ensuring that Iowa scrap tires are processed in a compliant manner." Davis, added, "This loan will enhance our ability to produce more alternative fuel and value-added material for Iowa industries through conversion of a perceived waste into a needed resource."
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