Clean Vision’s Clean-Seas Enters Into Joint Venture Agreement for Fourth U.S. Project; Partners with NuWay Go Recycle Center for $20M Michigan Facility

Rhea-AI Summary

Clean Vision Corporation (OTCQB:CLNV) announced a joint venture with NuWay Go Recycle Center LLC to establish Clean-Seas Newaygo in Michigan. This follows the state’s recognition of pyrolysis as an approved manufacturing process, enabling project development. The facility aims to process 50 tons of plastic waste per day, with potential expansion to 500 tons. The project is budgeted at $20 million, funded through debt and equity, with additional support from state incentives. Operations are expected to begin in late 2023 or early 2024.

Positive

• Joint venture formed with NuWay Go Recycle Center for Michigan facility.
• Projected processing of 50 tons of waste plastic per day, with potential expansion.
• Project budgeted at $20 million, indicating strong financial commitment.
• Expected operational start in late 2023 or early 2024.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / January 17, 2023 / Clean Vision Corporation (OTCQB:CLNV), today announced that its wholly owned subsidiary, Clean-Seas, Inc. ("C-S"), has entered into a joint venture agreement with Western Michigan-based NuWay Go Recycle Center LLC ("NWG") to establish Clean-Seas Newaygo ("CSN").

The announcement follows 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 ensures a consistent supply of plastic feedstock to the CSN facility.

In separate votes last month, the Newaygo City Council and the Newaygo City Planning Commission both approved plans to develop the 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.

In its Phase I, CSN projects processing 50 tons per day (tpd) with the expectation to expand the facility in subsequent phases, eventually diverting up to 500 tpd of waste plastic from landfill.

Pictured below: American Classic's 45,000 sq. ft. facility, with rail spur

"This is an exciting opportunity for Clean-Seas to partner with American Classic and the Thompson family who have built a formidable presence in Michigan and intimately understand the recycling industry and local regulatory environment," said Chris Galazzi, vice president of business development for Clean-Seas. "This partnership, combining local expertise with Clean-Seas resources is a model for our work throughout the United States."

Phase I of the project is currently budgeted at $20 million with currently anticipated funding from debt and equity. 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).

"The plastic pollution problem is a global issue but we wanted to do something about it in our own backyard," said Leon Thompson, founder of American Classic. "Meeting the guys at Clean-Seas and understanding their vision for addressing the world's plastic problem with local solutions makes perfect sense. We are proud to be partners on this journey; it's good for our community, Western Michigan and will set a terrific example for our industry."

Clean-Seas Newaygo joins previously announced Clean-Seas U.S. projects in Arizona (Arizona State University and the Walton Sustainability Solution Services), Massachusetts (MacVallee LLC), and Puerto Rico (Main Line Ventures LLC).

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

SOURCE: Clean Vision Corporation

View source version on accesswire.com:
https://www.accesswire.com/735543/Clean-Visions-Clean-Seas-Enters-Into-Joint-Venture-Agreement-for-Fourth-US-Project-Partners-with-NuWay-Go-Recycle-Center-for-20M-Michigan-Facility

FAQ

What is Clean Vision Corporation's recent joint venture about?

Clean Vision Corporation has entered a joint venture with NuWay Go Recycle Center to establish Clean-Seas Newaygo, focusing on waste plastic processing.

What is the budget for the Clean-Seas Newaygo project?

The project is budgeted at $20 million and aims to begin operations in late 2023 or early 2024.

How much waste plastic will the Clean-Seas Newaygo facility process initially?

The facility is projected to process 50 tons of waste plastic per day initially.

What technology will Clean-Seas Newaygo use for plastic waste?

Clean-Seas Newaygo will employ pyrolysis technology to convert plastic waste into new products.

What are the future expansion plans for Clean-Seas Newaygo?

The facility plans to expand processing capacity to 500 tons of waste plastic per day in subsequent phases.