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East Valley businesses combine to focus on renewable energy
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Two East Valley companies are forming a new venture that will focus on renewable energy and emission controls at coal-fired power plants.
About 70 percent of the share holders of Tempe-based Catalytica Energy Systems voted Thursday for a merger of the company with the renewable energy divisions of Mesa-based NZ Legacy LLC to create a new business called Renegy Holdings, the companies said.
The deal is scheduled to close Monday, and the new company’s shares will trade on the Nasdaq stock exchange under the RNGY symbol. The new company will operate two divisions — an independent power production business inherited from NZ Legacy and a division providing emission-control services to coal-fired power plants from Catalytica.
The new company will headed by chairman and CEO Robert M. Worsley, formerly chief executive of NZ Legacy, while Catalytica CEO Robert Zack will become chief financial officer of the new company.
From NZ Legacy, Renegy Holdings will own a 24-megawatt biomass power plant under construction near Snowflake expected to begin operations early next year. It will produce electricity using waste wood from national forests.
The new company will receive two other divisions from NZ Legacy that harvest and haul wood for the Snowflake plant.
Worsley said Renegy will try to create other renewable energy projects through construction and acquisitions, focusing on biomass, solar and wind power.
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