Clean Vision's Clean-Seas Sets JV to Develop a Waste Plastic-to-Energy PCN Plant in Puerto Rico; Company Expects the Plant to be Operational in 4Q-23, and at Current Commodity Prices, to Generate $70 Million in Gross Revenue at Full Capacity

Rhea-AI Summary

Clean Vision Corporation (OTCQB:CLNV) has announced a joint venture through its subsidiary Clean-Seas, Inc. to develop a waste plastic-to-energy pyrolysis plant in Puerto Rico. The facility aims to process 500 tons of waste plastic per day, generating approximately $70 million in annual revenue. The project, in collaboration with Main Line Ventures, seeks to mitigate local landfill issues while producing ultra-low sulfur diesel, electricity, char, and clean hydrogen. The plant is projected to be operational by 4Q 2023.

Positive

• Joint venture established to develop a waste plastic-to-energy pyrolysis plant in Puerto Rico.
• Projected revenue of $70 million annually upon reaching full capacity.
• Facility aimed at processing 500 tons of plastic waste per day.
• Partnership with Main Line Ventures to ensure project funding and management expertise.

Negative

• Dependence on securing sufficient feedstock and off-take agreements may pose risks.
• Operational timeline is contingent on obtaining necessary permits and financing.

LOS ANGELES, CA / ACCESSWIRE / April 6, 2022 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company"), a holding company that acquires and operates sustainable clean tech and green energy businesses, today announced its wholly owned Clean-Seas, Inc. (C-S) subsidiary has established a joint venture to develop a commercial scale waste plastic-to-energy pyrolysis plant in the Commonwealth of Puerto Rico that will serve as a host facility for C-S' patent-pending Plastic Conversion Network (PCN). Clean-Seas in the past 30 days announced it had signed binding LOI's to develop similar plants in Sri Lanka and Morocco.

The JV has been set up with San Juan-based Main Line Ventures LLC. (MLV). Under the terms of the JV, C-S will provide lead project funding, the pyrolysis tech sub-contractor, and the expertise to develop and manage the project. MLV is responsible for securing legal representation, permitting and government/community relations. Both partners will secure feedstock and off-take agreements. Output is expected to include ultra-low sulfur diesel, electricity, char and/or C-S's branded AquaH^tm, clean hydrogen, the mix of which will be determined to meet local needs and maximize the project's economic ROI. At planned full capacity, and at current commodity prices, the PR pyrolysis plant is expected to process 500 tons/day in waste plastic generating total revenue of $70 million annually.

As planned, the facility will process local waste plastic, diverting it from the Island's landfills but will also secure sources of feedstock from neighboring islands as well as southern states of the United States.

"We do not expect any issues in securing sources of waste plastic to run this facility at full capacity 350 days a year," said John Yonce, Clean-Seas Director of Business Development. "Our ability to process the difficult to recycle types of plastic make this a unique opportunity for Puerto Rico and for the Material Recovery Facilities with whom we are currently speaking."

A US Territory, Puerto Rico is an island between the Caribbean Sea and the North Atlantic Ocean, east of the Dominican Republic. The Commonwealth, whose capital is San Juan, has a total population of 3.1 million, 93.6 percent of whom live in urban areas. According to the GlobalPressJournal.com, 18 of 29 Puerto Rican landfills do not meet EPA standards and the PR landfill capacity is projected to be exhausted in mid-2020s. Hurricane Maria struck the island on 20 September 2017 causing catastrophic damage, including destruction of the electrical grid that had been crippled by Hurricane Irma just two weeks before.

Dan Bates, Clean Vision CEO, said, "While all Clean-Seas PCN host nations stand to benefit greatly from a sizable reduction in waste plastic, and new low-cost green energy, the Puerto Rican energy grid has been devastated, so the Commonwealth and our team are highly motivated to get this plant operational as quickly as possible. Our preliminary plans show this can be achieved in less than a year, once permits and financing are in place, and then scale to full capacity as supply chain and off-take logistics are determined and managed."

About Clean-Seas, Inc.

Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It provides efficient and cost -effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers "best in class" pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com.

About Clean Vision Corporation

Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com or follow us on Twitter: @CleanVisionCorp.

Safe Harbor Statement

This press release includes forward-looking statements including statements related to plans to develop a commercial scale waste plastic-to-energy pyrolysis plant in the Commonwealth of Puerto Rico, the plant being operational in 4Q-23, the output including ultra-low sulfur diesel, electricity, char and/or C-S's branded AquaH^tm the mix of which will be determined to meet local needs and maximize the project's economic ROI, the plant processing 500 tons/day in waste plastic and generating $70 million in gross revenue at full capacity, processing local waste plastic, diverting it from the country's landfills and securing sources of feedstock from neighboring islands and the southern United States, running the facility at full capacity 350 days a year. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements, including the Company's ability to build and deploy a commercial scale waste plastic-to-energy pyrolysis plant in the Commonwealth of Puerto Rico as planned, the Company's ability to mix the output of the plant among ultra-low sulfur diesel, electricity, char and/or C-S's branded AquaH^tm to meet local needs and maximize the project's economic ROI, the Company's ability to process at the plant 500 tons/day in waste plastic and generate at full capacity $70 million in gross revenue and the Company's ability to secure sources of feedstock and run the facility at full capacity 350 days a year. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.

CONTACT:
Clean Vision Corporation
Dan Bates, CEO
d.bates@cleanvisioncorp.com

Investor Relations:
Frank Benedetto, 619-915-9422

SOURCE: Clean Vision Corporation

View source version on accesswire.com:
https://www.accesswire.com/696304/Clean-Visions-Clean-Seas-Sets-JV-to-Develop-a-Waste-Plastic-to-Energy-PCN-Plant-in-Puerto-Rico-Company-Expects-the-Plant-to-be-Operational-in-4Q-23-and-at-Current-Commodity-Prices-to-Generate-70-Million-in-Gross-Revenue-at-Full-Capacity

FAQ

What is the purpose of Clean Vision Corporation's joint venture in Puerto Rico?

The joint venture aims to develop a waste plastic-to-energy pyrolysis plant to process local plastic waste and generate sustainable energy.

How much revenue is the Puerto Rico pyrolysis plant expected to generate?

At full capacity, the plant is projected to generate approximately $70 million in annual revenue.

When is the pyrolysis plant in Puerto Rico expected to become operational?

The facility is projected to be operational by 4Q 2023.

What types of products will the Puerto Rico pyrolysis plant produce?

The plant will produce ultra-low sulfur diesel, electricity, char, and clean hydrogen.

What challenges does Clean Vision Corporation face in developing the plant in Puerto Rico?

The company must secure sufficient feedstock and off-take agreements, as well as navigate the permitting and financing process.