Green EnviroTech Holdings Corp has sold the permit to construct to WM Riverbank Recovery for its proposed waste plastic to oil processing facility in Riverbank, California, US.
The 50,000ft² facility will recycle difficult-to-recycle plastic waste starting with agricultural mulch film, fumigation film and irrigation drip tape into crude oil utilizing technology from Agilyx.
Green EnviroTech CEO Gary De Laurentiis said the sale of the permit to Agilyx will allow the company to focus on the two major projects at hand.
"First is our proposed plant for waste plastic and tires to oil in Mississippi. This plant is planned to be funded by Ebbros I Investment Group, of Kansas City, MO. Second is our proposed plant in Wisconsin to process shredder residue to oil and compounded plastic. The funding for this plant is in planned to be with ACG Companies and the EB5 program," Laurentiis said.
"We have identified two locations in Wisconsin that meet the criteria for the EB5 program. We should have a definite location set within the next few weeks. Once the location is finalized the timeline to begin construction should be within 6 – 8 months. Funding for both plants have LOI’s signed and negotiations are in the process to finalize the funding."