in 2004, when it was purchased by Danielson Holding Corporation. In 2005, Danielson sold Ogden's interests in casinos, hockey stadiums, and other areas to focus on its energy-from-waste business. Later that year, Covanta acquired an energy-from-waste business called American Ref-Fuel for $2 billion. In 2009, Covanta bought the energy-from-waste business of Veolia Environment for $450 million. This was followed by acquisitions of environmental services companies Advanced Waste Services and GARCO for undisclosed sums in 2014. In 2015, Covanta appointed Stephen J. Jones as its new CEO. As of October 2020, Michael Ranger has succeeded Stephen J. Jones as Covanta's CEO. In December 2021, the investment firm EQT Group announced the completion of its $5.3 billion acquisition of Covanta Holding Corporation and announced its new CEO, Azeez Mohammed. Operations Covanta develops and operates facilities that burn trash to produce electricity, recover metals from the waste stream for recycling, and provide other industrial waste management services. As of 2013, about 60% of Covanta's revenue came from selling trash disposal services and 25% from selling electricity produced by burning trash. The remainder of its revenue was from metal recycling, construction, and other services. As of 2018, Covanta operated more than 40 waste-to-energy plants in North America, China, and Europe. Most of Covanta's revenue came from long-term contracts with local governments or utility providers. It also benefits from tax incentives for green energy projects. As of 2018, the company burned 20 million tons of trash annually and recycled 550,000 tons of metal. A majority of the trash is organic substances. It also burns a smaller amount of pharmaceutical byproducts, like expired medicines. Each ton of garbage contains about 50 pounds of metal that is removed with magnets, then sold for recycling. At its plants, Covanta feeds trash into a furnace burning at 1,800 degrees Fahrenheit. The furnace produces steam that rotates a turbine, powering a generator. The remaining ash is rapidly cooled to prevent the formation of toxic compounds, then goes through additional processing. Government agencies regulate and monitor Covanta emission stacks for harmful toxins. Filters and other equipment are in place to remove most of the harmful particulates, and activated carbon removes most of the mercury. Steam is then released into the atmosphere. Environmental and social impact Covanta supporters say burning trash to produce energy is an environmentally-friendly way to produce power and dispose of garbage that would otherwise fill landfills. Environmental critics