1,000,000 mTons per year of plastic feedstock contract ensures facilities revenue streams
LOS ANGELES, CA / ACCESSWIRE / July 31, 2023 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company"), an emerging leader in the sustainable clean technology and green energy sectors, today announced that its subsidiary, Clean-Seas Morocco ("CSM" has entered into a feedstock supply contract with Clean Oceans 2, a global leader in waste management.
The agreement provides for the delivery of waste plastic (feedstock) from Clean Oceans 2 to CSM's facility in Agadir, Morocco at no cost to CSM. With a maximum deliverable amount of up to 1,000,000 metric tons of feedstock per year, CSM has secured its supply of feedstock for the Morocco facility, a critical component needed for CSM to expand its Plastic Conversion Network ("PCN"), a patent-pending software network connecting sources of feedstock, conversion facilities throughout Morocco. The current operational facility in Agadir operates at 20 TPD capacity and is expected to expand operations to 120 TPD by the end of 2023. The Company currently believes it can reach 500 TPD capacity by 2025. The feedstock, sourced from the European Union ("EU"), will be delivered to CSM in full compliance with the Basel Convention.
"Securing this volume of feedstock is key to the Clean-Seas plan for its PCN expansion in North Africa and will allow us to pursue and secure off-take agreements. Locking down our feedstock supply chain is a huge step forward in executing on our business plan and accelerating the currently planned expansion of our portfolio. This contract allows us to offer a risk mitigated, financing opportunity for our debt providers with the hope of leading to non-dilutive capital sources, which we see as adding value for our shareholders, in order to rapidly expand the Company's portfolio" stated Dan Bates, the Chief Executive Officer of Clean Vision.
The Company has previously stated that it expects its standard 100 TPD pyrolysis line, operating at 300 days per year, will convert 30,000 mTons of plastic feedstock annually, which it estimates will generate up to $12 million dollars in gross annual revenue. The Company estimates that it will need greater than 30 - 100 TPD lines to process the full 1,000,000 mTons of feedstock deliverable to CSM, resulting in an estimated $360 million in gross revenue annually. The Company expects this revenue will be generated by producing low sulphur pyrolysis oils from plastic feedstock, which it intends to sell to multinational petrochemical companies for delivery into the plastic circular economy. While additional machinery, capital and off-take agreements are necessary to reach these estimates, securing the feedstock supply from Clean Oceans 2 is a huge step forward in executing on these plans.
"As Clean-Seas expands its PCN around the world, it is crucial to secure the raw materials needed for the facility's long-term operations and success" said Dan Harris, the Chief Executive Officer of Clean-Seas Morocco.
The principles of Clean Oceans 2 have been focused on international waste management and recycling for over 20 years, formerly operating under the name Pisga Logistics. Avi Menashe, the Chief Executive Officer of Clean Oceans 2, is well known in the field both in Israel and around the world. Mr. Menashe has developed a worldwide network connecting waste collectors with customers who recycle various waste streams for industrial needs. Clean Oceans 2 has business relationships in the EU, China, Vietnam and the Mediterranean basin where it partners with leading recycling companies, such as Veolia Group, Amnir Industries and Environmental Services and more.
"Clean-Seas has created a unique approach to solving the world's plastic crisis with its PCN technology and Clean Oceans 2 is thrilled to be a part of this important project" said Avi Menashe, CEO of Clean Oceans 2. "We work with feedstock located all over the world and anything that we can do to divert it from incineration, landfill and the oceans is a win for the environment, not to mention good for our company's bottom line."
A typical Clean-Seas facility utilizes pyrolysis technology to convert plastic feedstock into environmentally friendly commodities, including precursors for the petrochemical industry, driving plastic circularity. As currently planned, the CSM facility in Agidir is set to start operating at 120 TPD by the end of 2023, with the goal to expand as quickly as capital and feedstock supply allows.
CSM is the first operational facility within the Company's PCN. Clean-Seas is planning, pursuing and developing four previously announced U.S. based projects in West Virginia, Arizona, Michigan and Massachusetts.
About Clean Vision Corporation
Clean Vision is a public company that operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: www.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 the global plastic crisis as creating economic opportunity and social benefit across the world. Clean-Seas' goal is to offer "best in class" pyrolysis technology deployment with strategic alliances for plastic diversion and conversion, including securing plastic feedstock and off-take agreements. For more information, visit: www.clean-seas.com
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Clean Vision Corporation
Dan Bates, CEO
SOURCE: Clean Vision Corporation