Clean Planet Energy, a UK-based green-tech company, announced this Friday it has partnered with Fortress Transportation and Infrastructure Investors to form a joint venture to develop plastic-to-fuels plants in the US.
Firstly, the joint venture will be a new company: Clean Planet Energy USA. It will develop its ecoPlants in key North American markets. The first ecoPlant out of the agreement is under development at a site owned by Fortress Transportation; the Repuano Port & Rail Terminal in Gibbstown, New Jersey.
Moreover, the ecoPlant will process non-recyclable waste plastics into ultra-clean fuels and oils and circular-naphtha to support the manufacture of new plastics. These ecoPlants can process waste plastics that traditional recycling centers reject.
Particularly, the Repuano facility will initially process 20,000 tons of waste plastics each year. In addition, the joint venture’s team is also advancing agreements for plastic-waste supply in Alabama; also, Texas, Florida, the Dominican Republic, and other North American markets.
Also recommended for you: LNG prices in Asia and Europe rise after Nord Stream 2 delay. Click here to read.
Clean Planet Energy USA seeking supply agreements
Furthermore, over the coming months, the joint venture will be expanding its network of feedstock partners for non-recyclable plastic and is seeking to collaborate with firms that process or generate this waste.
About the relevance of the partnership for Clean Planet Energy, CEO Bertie Stephens said. “Our company’s mission is to process and repurpose over one million tons of non-recyclable waste plastics a year. This exciting new joint venture with FTAI accelerates us meeting these environmental goals.”
He also commented. “The FTAI team not only understand the need for immediate action in tackling the plastic and the carbon crises but the network available through their current businesses, provide the perfect platform and partner to scale ecoPlant construction.”
Finally, Joe Adams, CEO of FTAI, commented. “We are pleased to partner with Clean Planet Energy on this exciting opportunity. The development of the ecoPlants represent an attractive economic return on a stand-alone basis, while also enhancing the value of our existing terminal assets and accelerating the transition to clean energy.”
