Chesapeake Utilities Corporation (NYSE: CPK) declared today that it has paid $9.4 million to acquire 100% of Planet Found Energy Development, LLC (PFEDmembership )’s interest.

Scientists, farmers, and businesspeople from Delmarva founded PFED in Maryland with the goal of creating new technologies for managing poultry litter. This acquisition supports the Company’s goals for its renewable energy investments, including:

Internal technological know-how is a crucial economic factor in the manufacture of chicken waste biogas, particularly in relation to the creation of future fertilisers and organic soil conditioner.

Operation of a small chicken biogas facility in Maryland that Chesapeake Utilities will employ as a test facility to assist in confirming the chemical composition of waste streams and fertilisers on upcoming projects, beneficial in both financial forecasts and probable regulatory treatment.

creation of a second biogas facility in Maryland that the company can develop and finish.

Future growth is possible with scalable PFED technology and procedure.

Source: Prnewswire