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Texas investment firm acquires ownership interest in EnergySource
New capital may lead to breakthrough technology to unlock the potential of California’s Salton Sea
Mills Capital Group, LLC, a closely held private investment firm based in Texas, acquired a 38 percent ownership interest in EnergySource, LLC through the formation of LiNERGY, LLC. EnergySource is the operator of the 55 mega-watt Featherstone Geothermal Plant, the first stand-alone geothermal plant in Salton Sea in 20 years.
“We saw the potential and progress of EnergySource’s minerals extraction program and formed LiNERGY to consolidate ownership and maintain operations of the Featherstone Plant,” said Bart W. Mills, President of Mills Capital Group, LLC. “We also wanted to pursue EnergySource’s original objective of extraction and recovery of commercially valuable minerals including lithium.”
Capital from the acquisition will assist EnergySource’s continued research and testing of its minerals extraction process and techniques that will lead to the development of a commercial scale minerals extraction facility in California. A minerals extraction facility in the Salton Sea has the potential to create hundreds of jobs, first in the construction of the facility, followed by jobs in operations, service, transportation of materials, etc.