US-based firm Green EnviroTech Holdings’s main focus will be the conversion of plastic and tyres to oil, and shredder residue to oil and compound plastic resin. The company’s intention is to enter into the plastic and tyre recycling market by setting up plants within the US.
The company has entered into a non-binding letter of intent with Ebbros I Investment Group, which contemplates that Ebbros will develop the plants, including all infrastructures, install all necessary equipment and lease the same back to GETH. The letter of intent also contemplates that Ebbros will also purchase all oil produced at the plants.
The lease-back agreement under the letter of intent is to be for a period of ten years, and GETH will have a buy back clause during this period for the purchase of the physical site and equipment. The companies expect to finalise the contract in the second quarter.(PRA)
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