Alt added that RED will join Kodak in working with officials across all levels of government in what Kodak sees as a multi-tiered plan to grow Eastman Business Park. According to Alt, ensuring the long-term stability of the utilities infrastructure is a crucial step in this effort.
“RED thanks New York State for its cooperation and looks forward to continued efforts to capture innovation and growth in Eastman Business Park,” said Casten. “By supplying low-cost, highly efficient energy, RED believes EBP will serve as a model for how industrial facilities across the country can meet MACT requirements.”
The Kodak-RED agreement is subject to Court approval. It also requires regulatory approvals and permitting, including from the New York State Public Service Commission. The agreement's financial terms include about $10 million total in cash paid to Kodak for utility assets.
About KodakKodak is transforming itself into a B2B company focused on its Commercial Imaging business. Kodak will be centered on commercial, packaging and functional printing solutions and enterprise services, businesses in which it offers customers advanced technologies and products that give them a competitive advantage. The company also offers leading products and services in Entertainment Imaging and Commercial Films. Its Personalized Imaging and Document Imaging businesses are being marketed for sale. For additional information on Kodak, please visit our website at www.kodak.com. About Recycled Energy Development Recycled Energy Development ( www.recycled-energy.com) develops, owns, and operates power projects that harness waste energy and dramatically reduce greenhouse gas emissions and power costs. With more than 30 years’ experience undertaking environmentally responsible energy development projects, RED’s team works closely with industrial companies to optimize energy efficiency and maximize profits. RED is supported by Tulum Trust, a private equity firm that invests in low-carbon energy businesses.