Israel's EER wins deal to treat Chernobyl waste
Date: 29-Jun-04
Country: ISRAEL
EER will invest $40 million to set up several waste treatment facilities and expects to receive income of about $35 million a year from the plants, the company said in a statement.
The contract to treat some 500,000 tonnes of waste is on a basis of build, operate and transfer and is for a period of 20-25 years.
The explosion at Chernobyl on April 26, 1986, was the world's worst civil nuclear accident and has been blamed for thousands of deaths due to radiation-linked illness, a huge increase in cancer and high radiation levels in affected areas.
"We have a unique technology. There is no pollution and no ash," EER Chairman Itschak Shrem told Reuters.
EER developed the plasma gasification melting technology together with Russia's Kurchatov Institute research centre and the Radon Institute. The technology uses high temperatures to transform the waste into ceramic residue and gas.
The Israeli company, which recently raised $9 million from Japan's Takahashi Group, is seeking a strategic partner to join EER.
"We believe this deal will lead to other contracts," Shrem said, noting the company has signed a memorandum of understanding with the Chinese government for a large medical waste project.
EER is also setting up a facility in Israel using the same technology to treat municipal waste and which will serve as a demonstration model.
Investors in EER include Israeli investment company Shrem Fudim Kelner & Co (DOSR.TA: Quote, Profile, Research) and its subsidiary SFK Technologies (SFKT.TA: Quote, Profile, Research) , Urdan Industries (URDN.TA: Quote, Profile, Research) , the Japanese company and South Korean investment firm EBN.
