A First Nations-run business has entered into an agreement to buy the global rights for an energy conversion and waste disposal technology.
On Tuesday, Vancouver-based Nass Valley Gateway Ltd. announced plans to invest US$2 million over the next year to produce Env-X Production Units.
The units, which were invented by an unnamed patent owner, convert organic waste to fuel oil and other byproducts that cut CO2 emissions from municipal solid waste and create forms of usable power.
Nass Valley was formed via a joint venture agreement between Mineral Hill Industries Ltd. and Gitxat’in Development Corp.
Gitxat’in is a wholly owned subsidiary of the Nisga’a Nation’s Village Government of Laxgalts’ap.
Nass Valley is the first time the Nisga’a people of northwest B.C. have formed an alliance with a publicly listed company. In a release, Nass Valley said the global rights license for the Env-X Production Units would be passed on to subsidiary company Global Environomic Systems Corp.
The company also said the original patent owner would retain a 36% interest in Environomic.
“We are thrilled about this exciting technology and the opportunity it will provide four our company, especially that we were able to offer a real cutting-edge waste management solution to our environmental challenges, affordable and perfectly suitable for small communities,” Nass Valley said in a statement.
In addition to its contribution to environmentally responsible waste management, Nass Valley will also be positioned to generate revenues and sustainable employment through the pursuit of its business and extension of its joint venture activities.
Check out this week’s edition of Business in Vancouver for more stories about how First Nations on Vancouver Island and the Fraser Valley are taking advantage of clean energy technologies.