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Page added on September 30, 2009

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Waste-to-fuel venture struggles for finance

AN Australian entrepreneur behind a $1 billion venture turning waste plastics into diesel says the export deal may collapse because the Rudd government won’t provide financial assistance.

Ray Peck’s company, Ozmotech, has agreements signed to build more than 90 plants in Europe and the US to produce synthetic diesel.

But he said the venture needed $10million within three weeks to clinch the deal after it lost an equivalent capital injection from an investor hit by the Lehman Brothers collapse.

Mr Peck said the deal would generate up to 1000 jobs in Australia, where the plants would be fabricated, but the company had had to enter voluntary administration because of the funding shortage.

He has been rebuffed by federal bureaucrats and is calling for ministerial intervention to save the project. “It requires either (Trade) Minister (Simon) Crean or the cabinet or the Premier of Victoria or the Prime Minister to say, ‘This is rubbish, we have to do something and do it quickly’,” he said.

The Australian

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