Date: November 1, 2011
Source: Covanta Holding Corporation
Covanta Energy, a subsidiary of Covanta Holding Corp. (Morristown, NJ) announced that it has merged its two merchant services subsidiaries into a new business called Covanta 4Recovery. The company said the combination of Covanta Secure Services and TransRiver Marketing Co will allow it to better respond to growing demand for sustainability solutions. Among the services provided by Covanta 4Recovery (the fourth R in the hierarchy after Reduce, Reuse and Recycle) are waste procurement and logistics, environmental services, waste customer support and metals recycling.
November 1, 2011
Covanta Energy Unifies Merchant Service Subsidiaries Under New Name, Covanta 4Recovery
New structure designed to best meet increased demand for sustainability services
Covanta Energy, a wholly-owned subsidiary of Covanta Holding Corporation (NYSE: CVA) and a world leader in the development and operation of Energy-from-Waste (EfW) and other renewable energy projects, today announced the launch of Covanta 4Recovery. The newly named business unit unifies Covanta's merchant services subsidiaries (formally Covanta Secure Services and TransRiver Marketing Company) to better leverage its broad array of services and capabilities to meet increasing demands in geographic scope and customer needs for sustainability solutions. Covanta 4Recovery offerings include waste procurement and logistics, environmental services, metals recycling, e-waste recycling, and waste customer support.
The name "4Recovery" encompasses the central part of Covanta Energy's business - "Recovery" or the 4th R in the waste management hierarchy after Reduce, Reuse and Recycle.
"As a result of company growth in the last decade, we see an excellent opportunity to expand our merchant service offerings to take advantage of new business opportunities including recovering more materials for recycling and providing our customers with even more sustainable solutions for waste disposal," said Seth Myones, president of Covanta Americas.
Merchant services under Covanta 4Recovery include helping organizations with recycling and energy recovery initiatives to reach zero landfill status, in addition to secure destruction. The unit is also responsible for procuring waste volumes to utilize the portion of waste disposal capacity at Covanta Energy's EfW projects which is not dedicated to municipal clients to keep facilities operating at full capacity.
"Covanta 4Recovery is able to provide customers sustainable alternatives to landfill disposal, strategies to reduce greenhouse gas emissions and environmentally responsible recycling services," continued Myones.
Recovering energy from residual waste left over after recycling at Energy-from-Waste facilities (also referred to as waste-to-energy), offsets greenhouse gases and produces much needed renewable energy; reduces landfill use which preserves open space; protects the environment by employing state-of-the-art equipment and systems; and maximizes recycling and the reuse of resources.
Covanta operates 44 Energy-from-Waste facilities for communities worldwide. These facilities collectively process 20 million tons of waste per year, recycle over 400,000 tons of metals and generate nine million megawatt hours of electricity. The annual greenhouse gas emissions offset from Covanta's operations are the equivalent of planting 460 million tree seedlings.
For more information on Covanta 4Recovery, visit www.covanta4recovery.com.
Covanta Energy is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert more than 20 million tons of waste into 9 million megawatt hours of clean renewable electricity and create more than 9 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaenergy.com.
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