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.
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SOURCE: Clean Vision Corporation