GreenWorld Development has filed an 8-K with the Securities and Exchange Commission reporting the transaction.
GGS is valued at $10m and is presently putting into operation processes in two sectors, including Municipal Waste and Tire Recycling CryoVortex.
CryoVortex is a process machine that uses cryogenics for scrap tire recycling (GreenTire), and this technology will convert waste rubber products for reuse in manufacturing and in construction.
GreenTire’s first plant, which has been deployed in Ohio, US is expected to deliver revenue of $3.5m in the first year, and seven more sites in the US are currently negotiated.
The companies said licensed GreenTire’s technology will be first transferred to GreenWorld’s UK joint venture FE4 ltd, who holds the Waste Transfer licenses for tires, municipal waste and plasterboard in the UK.
