US-based plastics recycling company Green EnviroTech Holdings (GETH) will set up two tyre recycling plants in the country using the latest technology from East Asia. The technology, which is currently in operation in nine locations in East Asia, has been evaluated by the company that confirms the viability of the system to convert discarded/used tyres to oil. The company has also entered into an agreement with Ebbros Investment Group that will buy the oil produced.
GETH says it did an on-site analysis to assess the quality of the oil produced for use in the US and to also assess the emission levels from the plants with test results confirming that converted oil and emission levels are well within required levels for the US.
Meanwhile, in its deal with Ebbros, the latter will develop the plants, including all the infrastructure, install necessary equipment and lease the same back to GETH. Ebbros will also purchase all the oil produced at the plants, which is estimated to be in the region of 10,700 barrels/month at each site.
The agreement further states that the lease-back is to be for a period of ten years or longer with GETH having a buy back clause during this period for the purchase of the physical site and equipment.
Ebbros has also indicated its intention to work with GETH on a similar basis for all future tyre to oil recycling plants.
GETH also removes contaminants from recovered plastic recaptured from end of life automotive vehicles shredded for their metal. It processes this recovered plastic to produce compounded plastic resin and light sweet crude oil as end products. Its patented process is said to significantly reduce the amount of shredder residue going to landfills by up to 40% creating considerable cost savings for metal recyclers while also reducing the volume of materials going to the landfill.(PRA)
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