Rayonier Advanced Materials
Press Release
February 27, 2020
Federal Reserve Tours RYAM’s Fernandina Beach Plant for Update on Joint “US
Currency Note Waste-to-Energy” Project
FERNANDINA BEACH, Fla. – February 27, 2020 – Chris Oakley, Vice President and Regional Executive of the Federal Reserve Bank of Atlanta – Jacksonville Branch, and six other members of the Federal Reserve Bank’s leadership team, recently toured Rayonier Advanced Materials’ (NYSE: RYAM) Fernandina Beach Plant, where they also received an update on the joint FRB-RYAM “US Currency Note Waste-to-Energy” program—a project which involves turning shredded unfit currency from the Federal Reserve that ultimately would be deposited into a landfill, into an energy-efficient fuel for RYAM’s Fernandina Beach Plant.
“This program is a win-win,” said Paul Boynton, chairman, president and CEO of
Rayonier Advanced Materials. “We’re reducing disposal costs for the Federal Reserve Bank by diverting unfit currency from the landfill and in turn, we receive a new energyefficient fuel for our plant, where we help make everyday products possible.”
The Federal Reserve Bank of Atlanta – Jacksonville Branch approached RYAM with the idea for the program in 2018 as a means to identify an environmentally friendly alternative to depositing currency shreds in a landfill. RYAM then received a permit from the Florida Department of Environmental Protection to use the currency shreds as a new fuel source. The unfit currency is already finely shredded when it arrives at RYAM’s Fernandina Beach plant. The plant mixes it with its existing biofuel and then uses the mixture to fuel its existing power boiler, which generates steam for RYAM’s production process.
“The RYAM team has been incredibly helpful working with the Fed for a number of months to evaluate the feasibility of using currency shred waste as an alternate fuel source,” said Christina Wilson, vice president and branch manager of the Federal Reserve Bank of Atlanta – Jacksonville Branch. “We could not be more excited about our new partnership, RYAM’s commitment to sustainability, and the truly positive resulting environmental impact.”
RYAM’s Fernandina Beach plant used the shredded unfit currency as fuel for the first time in October 2019. Rayonier Advanced Materials provided the Federal Reserve leadership team with a short overview of the Fernandina Beach plant and then led them on a tour of the site, focusing on how the plant handles the unfit currency.
About Rayonier Advanced Materials
Rayonier Advanced Materials is a global leader of cellulose-based technologies, including high purity cellulose specialties, a natural polymer commonly found in filters, food, pharmaceuticals and other industrial applications. The Company also manufactures products for lumber, paper and packaging markets. With manufacturing operations in the U.S., Canada and France, Rayonier Advanced Materials employs approximately 4,000 people and generates approximately $1.8 billion of revenues. More information is available at www.rayonieram.com.