Funding to Accelerate the Conversion of Plastic Feedstock to Circular Fuels
LOS ANGELES, CA / ACCESSWIRE / September 7, 2023 / Clean Vision Corporation (OTCQB:CLNV) (the "Company"), an emerging developer of sustainable clean technology announced today that the proceeds of the $1.75 million forgivable loan have been disbursed to the Company in relation to its Memorandum of Agreement with the West Virginia Department of Economic Development entered into on June 1, 2023. The terms of the funding require the Company to employ a minimum of 40 jobs within 3 years for the loan to be forgiven. This non-dilutive financing will play a pivotal role in accelerating the launch of the Company's groundbreaking plastic waste-to-circular fuel initiative in Quincy, West Virginia.
This significant financial commitment by the West Virginia Department of Economic Development underscores their dedication to fostering innovation, supporting environmental sustainability, and driving economic growth within the state of West Virginia.
Clean-Seas West Virginia, Inc. ("Clean-Seas WV"), a subsidiary of the Company, is developing a project designed to address one of the world's most pressing environmental challenges - plastic pollution. Through its pioneering process, plastic feedstock is converted into clean and sustainable fuel that will be provided to the plastic manufacturing industry, driving the circular plastic economy, significantly reducing plastic pollution and contributing to a greener and more sustainable future.
Key highlights of the project include:
1. Advanced Recycling Infrastructure: The funding will enable Clean-Seas WV to establish a state-of-the-art conversion facility in Quincy, West Virginia, equipped with pyrolysis technology to efficiently convert plastic waste into clean and renewable fuels.
2. Job Creation: The project is expected to generate a minimum of 40 jobs within 3 years, providing valuable employment to the region.
3. Environmental Impact: By diverting plastic waste from incineration, landfills and oceans, we believe the Company will make a substantial contribution to reducing plastic pollution, ultimately enhancing the environmental quality of Quincy and its surroundings.
4. Clean Energy Production: The clean fuel produced through this process will contribute to the plastic circular economy, reducing dependence on fossil fuels and decreasing the carbon footprint.
Mr. Daniel Bates, CEO of the Company, stated, "We are thrilled to receive this support from the West Virginia Department of Economic Development. It not only accelerates our mission to combat plastic pollution but also underscores our dedication to driving economic growth within the community. This collaboration will play a pivotal role in shaping a cleaner, greener future for Quincy and the entire state of West Virginia."
The partnership between the Company and the West Virginia Department of Economic Development marks a significant step towards realizing a sustainable and circular economy, where plastic feedstock becomes a valuable resource rather than a global environmental threat.
About Clean Vision Corporation
Clean Vision Corporation 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 West Virginia
Clean-Seas West Virginia, Inc. is a wholly owned subsidiary of Clean Vision Corporation. Clean-Seas West Virginia provides efficient and cost-effective pyrolysis technology in order to convert plastic feedstock onto clean fuels, creating economic opportunity and social benefit in West Virginia. For more information, visit: www.clean-seas.com
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our estimated revenue generation, cash flows, costs of revenue and operating expenses; our ability to execute on our conversion facility plans, including, without limitation, our ability to create viable employment opportunities in the Quincy, West Virginia region and convert plastic waste at currently expected rates; our ability to fulfill our obligations with the West Virginia Department of Economic Development, including, without limitation, our ability to maintain compliance with the forgivable loan; our anticipated growth; our predictions about our industry; our estimates with respect to expanding and meeting our projections for our facilities; our daily processing capabilities; our ability to raise capital and secure contracts needed to meet expected revenue and processing capabilities; our ability to secure feedstock and offtake agreements sufficient to meet anticipated growth, revenue generation and project processing capabilities; the impact of local and global regulations and laws on our industry; and our ability to attract, retain and cross-sell to clients. The forward-looking statements contained in this press release are also subject to other risks and uncertainties. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Clean Vision Corporation
Daniel Bates, CEO
SOURCE: Clean Vision Corporation