USA – A private equity firm has committed US$ 5 million in financing to a US company with plans to open an automotive plastics recycling operation inside a vacant Sheboygan factory. According to officials from California-based recycler Green EnviroTech Corp., the money will provide the company with working capital as it prepares to launch operations.
The financing agreement calls for Centurion Private Equity to purchase US$ 5 million in Green EnviroTech stock.
The latter’s CEO Gary DeLaurentiis explains that the company began its financing push in the final weeks of the first quarter and has attracted plenty of attention due to investor interest in green-tech start-ups. ‘We’re getting an incredible response from the investment community,’ he says.
Green EnviroTech, which is publicly traded, hopes to create around 125 jobs in Sheboygan and will spend US$ 22 million to get the plant up and running. The factory will take plastic from shredded cars, remove the contaminants and convert it into high-grade plastic resin and crude oil, which will be sold at below-market rates.
The aim is to convert 25 000 tonnes of contaminated plastic each year. The company plans eventually to construct large-scale recycling facilities near automotive shredder locations nationwide, including a facility planned for near its headquarters in Riverbank, California.
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