HAMPDEN — The Municipal Review Committee has entered into an exclusivity agreement with Revere Capital Advisors LLC to reopen the shuttered Fiberight facility, which ceased operation May 28, 2020. A Penobscot County Superior Court judge approved the sale of the facility to MRC in an Aug. 3 court order.

The MRC introduced Revere Chief Operating Officer Nigel Ekern and Senior Managing Director Patrick Daly during the announcement at the organization’s July 27 meeting.

The New York-based investment firm manages a pool of its own capital and has a series of partners it invests with, among other financial endeavors, Daly said at the meeting. The company has investments in health care, defense, technology and health care technology industries.

The company is focusing on sustainability and renewability, he said. He called the project important for its new technology and the ability to introduce a new solution for waste. The technology could be useful not only for Maine but also worldwide.

The topic of PFAS was brought up at the meeting and Daly said the company intends to restart the plant with existing technology, with upgrades. The toxic substance is something the company intends to address moving forward.

Revere’s strategy is to get the Hampden plant operating and then see what other communities the technology can be used in, he said. Once the technology can be proven profitable, it can be taken nationally or globally, Ekern added.

“We can’t predict the future but it’s very clear that both renewable energy and innovative sustainable solutions are going to be a key part of any policy going forward,” Daly said.

Though it is still unclear when the plant will reopen, Revere hopes to get the plant open as soon as possible, the two company representatives said.

Penobscot County Superior Judge William Anderson entered a court order Aug. 3 allowing MRC to buy the facility after the sale was halted in June when two creditors objected to the sale. The sale is not free and clear of varying claims from a number of interested parties.

The MRC will buy the facility through a stalking horse bid after there were no qualified bidders by a June deadline, according to Executive Director Michael Carroll. A judge paused the sale after two of the lienholders objected to it because they would not have seen any proceeds from the sale.

Subsequently the MRC came to an agreement with the two lienholders to proceed with the sale, which will be between $1 million and $1.5 million, according to Carroll.

As previously reported, the facility ceased operation May 28, 2020, because of a lack of funding, according to a June 10, 2020, MRC statement. In February 2020, the MRC gave the facility’s operators a $1.5 million short-term loan, but the facility stopped operating when it lost $14.7 million in expected funding from bondholders.

Since the facility’s closure, MRC towns have not been able to end their contracts; instead, trash from those towns has been diverted to other waste facilities in the state, often at increased expense to the affected towns. MRC municipal members in Waldo County are Belfast, Brooks, Freedom, Knox, Montville, Searsmont, Thorndike, Troy and Unity.

The $70 million waste-to-energy facility recycles solid municipal waste to help preserve landfill space. Originally, the facility was supposed to open in April 2018. Several factors delayed its opening until April 2019, but then it was not fully operational until the following November.

The facility is the first of its kind, according to the MRC website. The pulp created from paper products at the facility can be converted to renewable natural gas to power the plant while offsetting its fossil fuel use.

The agreement with Revere is expected to be finalized by early September.

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