Detroit Renewable Energy LLC (DRE) today announced it has completed $55 million in long-term financing to support the company’s expanding investment in the environmental, renewable energy and economic development infrastructure of Greater Detroit.
“We are thrilled to announce this financing milestone, which brings substantial new resources to the long-term energy security, environmental health, and economic sustainability of Greater Detroit,” said DRE Chairman Steven A. White.
With the ongoing commitment of local industry, this is the type of effort that will help accelerate the resurgence of this great city.
The financing significantly extends DRE’s commitment to provide Detroit and surrounding municipalities with safe, cost-effective energy and waste disposal solutions. After investing more than $60 million since 2010 to acquire the operating businesses and for capital improvements to its network of facilities, DRE will employ the new financing to continue improvements at its facilities, expand services to new businesses and industries, and fund ongoing operations.
Detroit Renewable Energy is a part of Atlas Holdings LLC, an industrial holding company with worldwide operations employing approximately 10,000 people. Familiar to Michigan industry, Atlas successfully managed the 2002 turnaround of Michigan Seamless Tube, bankrupt when purchased by Atlas but now a thriving company. “We are deeply committed to Detroit Renewable Energy and the opportunity for economic growth it offers the people, communities, and businesses of Detroit,” said Atlas Partner Edward J. Fletcher.
About Detroit Renewable Energy
Detroit Renewable Energy LLC is the holding company formed in 2010 for the independent operations of Detroit Thermal, LLC, a district heating business which provides efficient heat to approximately 145 buildings in the Detroit central core; Detroit Renewable Power LLC, operator of the energy-from-waste facility located in Detroit; and Hamtramck Energy Services LLC, which provides operating and maintenance services to industrial customers, including several General Motors plants, primarily in the Detroit area.
About Atlas Holdings
Atlas Holdings is a diversified group of manufacturing, distribution and service businesses that operates in the building materials, capital equipment, energy, industrial services, packaging, pulp, paper, and tissue, steel, and logistics, supply chain management and distribution segments. Atlas has been responsible for preserving thousands of jobs in North America by investing its capital and expertise in previously struggling businesses. For additional information, please visit www.atlasholdingsllc.com.
Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.