UK-based Blue Diamond Technologies, which specialises in the design and supply of metal, plastic and rubber components, and Chinese IT services provider Insigma Technology are partnering to produce reusable crumb rubber, clean steel and fibre from used tyres, with initial funding of US$8 million.
The joint venture plans to set up as many as 13 facilities and has exclusive rights for use of Blue Diamond’s patented process in China.
The first 60,000 sq ft facility in Hangzhou will begin operations during the fourth quarter of 2012. Once the first facility becomes operational, the joint venture partners anticipate the rapid establishment of an additional 12 facilities in other industrial regions of China. ECO BDT will turnkey all the recycling projects in China. In total, the joint venture agreement may result in funding exceeding US$100 million. The government of China is supplementing the investments of the joint venture partners with public incentives.(PRA)
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