Plastics2Oil gets extra cash for renewable fuels

Plastic2Oil Inc. plans to resume the ‘limited production and sale’ of fuel products by processing used oils and plastic film. P2O had previously engaged in commercial fuel production before shifting its business strategy in 2014 to licensing the technology. 

Plastic2Oil Inc. has secured approximately US$ 250 000 (EUR 220 0000) in additional debt financing commitments from two current directors to be able to restart one of its processors of used oils and plastic film. The US company, which was launched in Niagara Falls in 2009, is able to convert almost 90% of the hydrocarbon composition in the plastic feedstock into ‘ready-to-use liquid fuel’.

The business ultimately wants to produce and sell Number 2 fuel oil produced by the processor to provide operating cash to support its core technology licensing business. P2O is collaborating with alternative energy project developer Veridisyn Technologies to realise this goal.

‘We are pleased to have secured the financial commitments that should allow us to re-initiate the processing of used oils and film plastics and we thank our two directors for their financial support and faith,’ says P2O ceo Rick Heddle. ‘We are also looking forward to accelerating our work with Veridisyn in the near term, as they work to complete the remainder of their financing and other planning efforts in support of our master agreement.’