In July, EQT Infrastructure announced that it had acquired two companies that are important locally. The first was Covanta, which has a plant in Conshohocken (Plymouth Township), which creates energy by burning trash from numerous local municipalities including Conshohocken, West Conshohocken, and Plymouth Township.
The plant has been a point of concern in recent years as it has had a series of malfunctions, which is led to an agreement with the Pennsylvania Department of Environmental Protection to pay a $218,393 civil penalty in connection to 2019 and 2020 violations.
In the announcement, EQT Infrastructure stated how it views plants such as the one in Conshohocken.
Waste-to-Energy is a vital part of the waste disposal value chain, offering a far more sustainable alternative to landfilling waste for communities and businesses, with a significantly smaller real estate footprint per ton disposed compared to traditional landfills. The process ensures optimal use of waste by: reducing waste volumes by 90 percent that would otherwise get landfilled; eliminating nearly one ton of greenhouse gases equivalent per ton of municipal solid waste; producing sustainable, highly reliable electricity, capacity, and steam for utilities and industrial customers; and recycling metals found within municipal solid waste.
The second company it purchased in July was First Student, which transports students to and from school in the Colonial School District, Upper Merion School District, and 1,000 other districts across the country.
In the announcement about the acquisition of First Student, it stated:
EQT Infrastructure is committed to helping future-proof the Company [First Student] by investing in the electrification of its fleet and accelerating its transition to renewable fuel sources in order to support passenger health and reduce environmental impact.
As a long-term investor, EQT Infrastructure looks forward to making significant investments in the Company’s [First Student] organization, operations and digital technology so that it can continue to provide its essential services to students and communities across North America for years to come.
Covanta will continue to be headquartered in Morristown, New Jersey, and its management team is expected to remain in place.