Clean Vision Secures Feedstock to Supply Plastics Conversion Facilities in the Eastern USA

Rhea-AI Summary

Clean Vision Corporation (OTCQB:CLNV) announced a definitive agreement with MacVallee LLC to supply post-industrial waste plastic for a new project in Massachusetts and an additional facility in the Eastern U.S. Clean-Seas, a wholly owned subsidiary, will process up to 150 tons of plastic per day, with potential revenue exceeding $7 million annually for each facility. A joint venture is also established for a co-located facility in Central Massachusetts. The initial phase of each facility has a budget of $20 million, with operations expected to start in 2024, leveraging potential funding from federal incentives and grants.

Positive

• Definitive agreement with MacVallee for 50 tons of plastic feedstock daily, with potential expansion.
• Joint venture for co-located facility in Central Massachusetts to enhance operational capacity.
• Expected annual revenue of over $7 million for each 50 tons per day module processed.
• Total budget of $20 million for each facility's first phase with financial backing anticipated from equity and project debt.

Negative

• Dependence on feedstock supply from MacVallee raises concerns if sourcing fails.
• Operational initiation in 2024 may delay revenue realization for investors.

Definitive Agreements with Massachusetts Partner will Also Serve Additional Facility To Be Named

LOS ANGELES, CA / ACCESSWIRE / March 21, 2023 / Clean Vision Corporation (OTCQB:CLNV), today announced its wholly owned subsidiary Clean-Seas, Inc., has entered into definitive agreement with MacVallee LLC to supply sufficient quantities of post-industrial waste plastic feedstock to launch its project in Massachusetts, as well as a new Eastern U.S. facility to be announced.

Clean-Seas and MacVallee also entered into a Joint Venture agreement to establish a co-located facility inCentral Massachusetts. , Clean-Seas and MacVallee had previously entered into Letter of Intent announced in Q4 2022 related to the joint venture. The new facility will divert post-industrial and ocean-bound plastic from landfills and incineration, and convert it into precursors for new plastics, ultra-low sulfur fuels and pyrolysis oils, and Clean-Seas' branded hydrogen, AquaH™.

Under the terms of the feedstock supply agreement, MacVallee will supply up to 50 tons of post-industrial waste plastic feedstock per day to the Massachusetts facility, and an additional 100 tons per day for another facility in the Eastern U.S., either Clean-Seas Newaygo in Michigan (announced last month), or an additional site in the Eastern U.S. to be announced. Clean-Seas plans to expand each facility in subsequent phases, eventually processing up to 500 tons per day at each location. The Company estimates that each 50 ton per day module equates to $7+ million in annual revenue.

"The plastics crisis is almost unimaginably huge," said John Yonce, V.P. of business development at Clean-Seas. "Diverting large quantities of otherwise nonrecyclable waste plastic from landfills, and converting it to valuable products at our facilities, will be an important part of answering that crisis at an equal scale."

"We're grateful to have a partner like MacVallee that can draw on [its] deep experience and relationships across the Eastern U.S. to help achieve that scale," said Yonce.

"We're looking forward to working closely with Clean-Seas to fully realize our shared goals, across the Eastern U.S.," said Daniel McLaughlin, President of MacVallee. "This partnership just makes sense."

MacVallee will source plastic feedstock for both facilities under its agreement with Argyle, NY-based Evolve Resource Management ("ERM").

"Working with Clean-Seas increases the impact of our long-standing commitment to divert ocean-bound plastic from landfills," said Jessica Cocozziello, part of the MacVallee Team and Vice President of Operations at ERM's Adirondack Plastics & Recycling in Argyle, NY. "Developing positive outcomes for all our feedstock has always been a top priority."

Phase One of each of the Clean-Seas facilities is budgeted at $20 million, with funding anticipated from equity and project debt, to support projected revenue of $7 million in the first year. Operations will begin in 2024, and funding may include state and federal incentives and grants which are available through the Biden Administration's Inflation Reduction Act.

The MacVallee joint venture is Clean-Seas' fourth planned U.S. facility, following 2022 announcements for facilities in Puerto Rico and Arizona, and January's announcement about Clean-Seas Newaygo in Michigan.

About Clean Vision Corporation

Clean Vision is a public company that operates and is intending 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.

Safe Harbor Statement

This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to anticipated revenues, expenses, earnings, operating cash flows, the outlook for markets and the demand for products. 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. 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

Investors
Frank Benedetto
619-915-9422

Media/Public Relations Phoenix Media & Marketing info@phoenix-mediamarketing.com

SOURCE: Clean Vision Corporation

View source version on accesswire.com:
https://www.accesswire.com/744872/Clean-Vision-Secures-Feedstock-to-Supply-Plastics-Conversion-Facilities-in-the-Eastern-USA

FAQ

What is Clean Vision Corporation's recent announcement regarding CLNV?

Clean Vision Corporation announced a partnership with MacVallee LLC to supply plastic feedstock for new facilities in Massachusetts and the Eastern U.S.

How much waste plastic will Clean-Seas process in Massachusetts?

Clean-Seas will process up to 150 tons of post-industrial waste plastic per day across its facilities.

What is the expected revenue from the new facilities?

Each 50 tons per day module is expected to generate over $7 million in annual revenue.

When will operations at the new Clean-Seas facilities begin?

Operations at the new facilities are scheduled to commence in 2024.

What is the budget for the first phase of the Clean-Seas facilities?

The budget for the first phase of each facility is set at $20 million.