LOS ANGELES, CA / ACCESSWIRE / November 21, 2022 / Clean Vision Corporation (OTCQB:CLNV), today announced its wholly owned subsidiary Clean-Seas, Inc. has signed Letters of Intent with MacVallee LLC. to establish a co-located Clean-Seas facility in Central Massachusetts which will divert post-industrial and ocean-bound plastic from landfill and incineration, and convert it into precursors for new plastics, ultra-low sulfur fuels, pyrolysis oils, and Clean-Seas' branded hydrogen, AquaH™.
MacVallee purchased the site earlier this year, and will establish its own complementary recycling facility at the location with revenue operations planned to begin in Q1 2023. MacVallee will source plastic feedstock for both facilities under agreement with Argyle, NY-based Evolve Resource Management ("ERM").
"Our combined efforts will ensure that every scrap of plastic finds a beneficial use, on one site," said Daniel McLaughlin, president of MacVallee. "We are excited to partner with Clean-Seas."
MacVallee will draw on existing relationships across the USA to ensure a consistent supply of plastic feedstock to its facility and to Clean-Seas' co-located plant. In Phase One, Clean-Seas 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 and incineration.
"Partnering with Clean-Seas is important to us," said Jessica Cocozziello, member of the MacVallee Team and vice president of operations at ERM's Adirondack Plastics & Recycling in Argyle, NY. (Adirondack has more than 30 years' experience as a leading regional plastics recycler, and was acquired by ERM in 2019.) "Not only do they share our vision to divert ocean-bound plastics from landfills, but they also enable us to find a productive use for all our feedstock. We have millions of pounds of plastic transported to our plant in upstate New York each year, so partnering in Central Massachusetts will help save on carbon emissions."
Clean-Seas will use its relationships to secure the capital and technology to establish the facilities.
"This is a great opportunity for Clean-Seas to partner with a company whose management has deep roots in the recycling industry and that also shares our commitment to sustainability and innovation," said John Yonce, vice president of business development for Clean-Seas. "This partnership will deliver significant economies of scale to both companies' operations."
Phase One of the Clean-Seas facility 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 at MacVallee's 24-acre site in Central Massachusetts, which is adjacent to a rail line for efficient delivery of waste plastic feedstock and shipping of finished commodity products. Additional sources of funding for the project may include Massachusetts Commonwealth and federal incentives and grants which are available through the Biden Administration's Inflation Reduction Act.
The MacVallee LOI is Clean-Seas' second planned U.S. facility, following the Company's announcement of an MOU in Arizona earlier this month. Operations for the Clean-Seas facility in Massachusetts are expected to begin in early 2024.
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.
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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.
Clean Vision Corporation
Dan Bates, CEO [email protected]
Frank Benedetto 619-915-9422
SOURCE: Clean Vision Corporation
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