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Kodak & RED finalize deal
Rochester, N.Y. - The same day Eastman Kodak plans to emerge from bankruptcy, Kodak is announcing it has closed on its deal with Recycled Energy Development (RED) for the takeover of Kodak's utility infrastructure at Eastman Business Park.
The utility business provides electricity, steam, chilled water, compressed air, industrial water, sewer services, nitrogen, natural gas and drinking water to the Parks more than 40 owners and tenants.
RED plans to make significant investments over the next five years in a variety of energy efficiency projects and to convert the plant from coal to natural gas.
The two signed an agreement in 2012.
Empire State Development, the state's economic development agency, provided $7.1 million in state assistance, including a $3.5 million loan and $3.6 million grant to facilitate the project.