Clean Vision Announces Fully Executed Agreements Pursuant to $20M Michigan Pyrolysis Joint Venture Project
Clean Vision Corporation (OTCQB:CLNV) has announced significant developments concerning its joint venture project in Western Michigan. The company’s subsidiary, Clean-Seas, Inc., has entered into feedstock and site lease agreements for a project budgeted at $20 million, aiming to divert up to 500 tons of waste plastic daily from landfills. The project is expected to employ pyrolysis technology to convert waste into usable products, including fuels and new plastics, with operations commencing in late 2023 or early 2024. Funding is anticipated through various sources, including debt, equity, and possible state incentives.
American Classic’s acquisition of Cart-Right Recycling ensures a steady supply of plastic feedstock for Clean-Seas, marking a strategic move towards enhancing local waste management.
- Joint venture project budgeted at $20 million to divert 500 tons of waste plastic daily.
- Clean-Seas will utilize pyrolysis technology to convert waste into fuels and new plastics.
- Partnership with American Classic ensures consistent plastic feedstock supply.
- Funding anticipated through multiple sources, including potential state incentives.
- None.
LOS ANGELES, CA / ACCESSWIRE / April 11, 2023 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company"), an emerging leader in the sustainable clean technology and green energy sectors, is excited to announce that its wholly owned subsidiary, Clean-Seas, Inc. ("Clean-Seas"), has entered into feedstock and site lease agreements (the "Agreements") pursuant to its previously announced
CSN expects to eventually divert up to 500 tons per day of waste plastic from landfill and/or incineration. Phase I of the project is currently budgeted at
"Co-locating a Clean-Seas Plastic Conversion Network (PCH) facility with partners who are already sorting plastics adds great value to both operations," said Chris Galazzi, CSN's president. "The synergies here are potent-It's a win for both partners, the local economy, and the environment."
These Agreements come in the wake of Michigan's December 23rd recognition of pyrolysis as an approved manufacturing process, creating a clear permitting pathway for the project.
Headquartered in Newaygo County, NWG is a new venture of American Classic, a fixture in Western Michigan construction, building supply, and commercial and residential waste management since 2001. American Classic's 2022 acquisition of Cart-Right Recycling deepened their united commitment to responsible, innovative waste handling throughout Michigan, and ensured a consistent supply of plastic feedstock to the CSN facility.
In December 2022, the Newaygo City Council and Newaygo Planning Commission each approved plans to develop the CSN facility, which will divert post-industrial and post-consumer waste plastic from landfill and incineration and convert it through pyrolysis into precursors for new plastics, ultra-low sulfur fuels and oils, and Clean-Seas' branded hydrogen, AquaH™.
Under the terms of the joint venture agreement, CSN will co-locate at American Classic's recently acquired 313 W. State Road facility in the City of Newaygo. American Classic has committed to supplying the necessary feedstock for CSN operations. The parties will work collectively to secure additional permits and approvals. Clean-Seas will use its relationships and expertise to secure capital and technology to establish the facility, which is expected to begin operations in late 2023 or early 2024.
Once established, operations are expected to begin in American Classic's 45,000 sq. ft. facility, which sits adjacent to a rail line for easy off-loading of waste plastic and pickup of CSN converted commodity products. In addition to anticipated debt and equity funding for the project, additional sources of funding may include Michigan State incentives and grants which are available through the Biden Administration's Inflation Reduction Act (IRA).
These Agreements mark the next milestones for the joint venture project announced Jan. 17, and follow partner American Classics announcement last month of a
About Clean Vision Corporation
Clean Vision Corporation operates and intends to acquire and operate a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp
About Clean-Seas, Inc.
Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It is working to provide efficient and cost-effective technology solutions that address locally the global waste plastic crisis as creating economic opportunity and social benefit across the world. Clean-Seas plans to work towards offering "best in class" pyrolysis technology deployment with strategic alliances for plastic diversion and conversion, including securing feedstock of plastic and off-take agreements. For more information, visit: clean-seas.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; our predictions about our industry; the impact of the COVID-19 pandemic on our business and our ability to attract, retain and cross-sell to clients. The forward-looking statements contained in this press release are also subject to other risks and uncertainties. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Contact
Clean Vision Corporation
Dan Bates, CEO
d.bates@cleanvisioncorp.com
Investors
Frank Benedetto
619-915-9422
Media/Public Relations
Phoenix Media & Marketing
info@phoenix-mediamarketing.com
SOURCE: Clean Vision Corporation
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FAQ
What is Clean Vision Corporation's recent project in Michigan related to CLNV?
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