New plant to turn food wastes into fertilizer

Woodbridge, N.J.-Converted Organics Inc. has completed financing for its initial facility, to be located at Woodbridge, for producing an organic fertilizer for agriculture, horticulture, and turf markets from a variety of food wastes. President and CEO Edward Gildea stated that a $17.5 million tax-exempt New Jersey Economic Development Authority solid waste revenue bond has been completed to provide the revenue, along with a $9.9 million initial public stock offering for the first commercial North American plant to license recycling technology from International Bio Recovery Corp. of North Vancouver, BC. “We have already begun to establish relationships with customers on the East Coast, and this offering will facilitate the company’s development and growth,” said Gildea. He said unlike other processes, International Bio Recovery’s method is able to continually and successfully convert mixed waste materials containing up to 10 percent non-biodegradables.