Sims Metal Management will expand into the waste-to-energy market, with plans to install and operate seven plants over the next 10 years, according to an ASX report.
The metals and recycling company will leverage expertise and best practices from joint venture partner LMS Energy, a leading landfill energy company in Australia, and later expand that business model into other parts of the world.
Sims Metal Management Group CEO Alistair Field told investors the company is strongly positioned to become a global leader in the circular economy and act as responsible stewards for the environment.
Mr Field said the company plans to acquire or build a minimum of 50 Megawatts of sites within the next six years.
To generate electricity the company will capture the energy available in non-metallic residue produced during the metal shredding process.
Mr Field addressed opportunities for growth within the company’s existing metals and e-recycling businesses, as well as plans to establish new businesses to reduce waste and produce renewable energy.