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Rayonier Advanced Materials
Local government officials are regularly accused of burning through cash, but now a private company here is doing something similar. Only this major industry is burning up cash — intentionally.
The Rayonier Advanced Materials plant in downtown Fernandina Beach is even boasting about its new practice. The plant converts shredded paper bills into fuel to power the plant. The bills are mixed with biofuel and placed into a boiler, which generates steam.
The old bills (a.k.a. currency) come from the Federal Reserve Bank of Atlanta. Several other companies use a similar technique. “This program is really a win-win,” says Paul Boynton, the CEO of Rayonier Advanced Materials. “We’re reducing disposal costs for the Federal Reserve Bank … and in turn, we receive a new energy-efficient fuel for our plant.”
Steve Nicklas is a financial advisor for a regional brokerage firm who lives and works on Amelia Island. He is also an award-winning columnist. His columns appear regularly in several newspapers in North Florida and South Georgia, and on his website: www.SteveNicklasMarketplace.com. He has also published a book, “All About Money,” consisting of some of his favorite columns over the past 20 years. The book is available at local stores and on Amazon. He can be reached at 904-753-0236 or at [email protected].