- Dan Bates
Clean Vision's Clean-Seas Signs Binding Term Sheet to Buy into, Expand , Morocco based operations
Updated: Apr 5, 2022
Clean Vision's Clean-Seas Signs Binding Term Sheet to Buy into, Expand Upon, Morocco-based Plastic-to-Energy Pyrolysis Plants; C-S Plans to More than Double Existing Plant Capacity to 50 TPD Initially, Integrate Morocco into its PCN, Reach 350 TPD over Time
LOS ANGELES, CA / ACCESSWIRE / April 4, 2022 / Clean Vision Corporation (OTCQB:CLNV) (the "Company"), today announced its wholly owned Clean-Seas, Inc. (C-S) subsidiary has signed a binding term sheet with ECOSYNERGIE (ESG), an Agadir, Morocco-based company in the waste plastic-to-energy pyrolysis conversion business, to develop a commercial scale waste plastic-to-energy pyrolysis plant to serve as a host facility for C-S' patent-pending Plastic Conversion Network (PCN). ESG owns two ten-ton per day (TPD) pyrolysis units.
The term sheet provides that the two companies will enter into a business relationship in which C-S will establish a new US company, Clean-Seas Morocco, LLC (CSM), which will then set up any corresponding business entities as needed within Morocco.
ECOSYNERGIE, which is the parent company of AQUA FLORE PROTECT, was established in 1999. The companies are focused on recycling of waste materials, covering the entire process from the collection and treatment of hazardous and non-hazardous waste and then transforming it into new raw materials or oil.
ECOSYNERGIE and its subsidiaries also have operations in the regions of Souss-Massa and Tangier. Morocco is sensitive to climate change, and is a global leader addressing it proactively. The Climate Change Performance Index (CCPI) has acknowledged Morocco's climate-conscious commitments by ranking the country fifth worldwide in terms of efforts to combat climate change. Morocco is a signatory to the Climate Change Kyoto Protocol and Paris Agreement. Analysts estimate it generates 6.852 million tons of municipal solid waste (MSW) annually and recycles an estimated eight percent.
"When you look at a map and see the proximity of Morocco to the European Union, it immediately stands out to us as a perfect location for a PCN facility. As important as geography may be, establishing this partnership with ECOSYNERGIE should provide a solid foundation upon which we expect to produce great success," said Daniel Harris, Clean-Seas VP of Business Development.
Term Sheet Highlights
The Term Sheet is intended to govern the relationship between the parties until such time that a formal definitive agreement may be put into effect. It provides:
For CSM to:
Purchase and integrate ESG's two 10-TPD units into CSM and install those units for immediate operation.
Provide capital to scale CSM operations to 350-TPD processing capability.
Manage construction, operations, contractors, finances and off-take customers for pyrolysis oil, AquaHtm, char or other commodities.
Hold a controlling stake in the resultant jointly owned entity, and for both it and ESG to split net profits equally.
And for ESG to provide:
Its existing land to CSM to support 350-TPD processing, and additional land for expanded processing if later agreed upon.
All licenses and permits as required.
All existing feedstock and off-take agreements.
"Morocco is a beautiful country which is passionate about the environment and committed to its improvement not only within our borders but beyond," said Mohammed El Abbassi, Managing Director of ECOSYNERGIE. "After meeting with the team from Clean-Seas and hearing how their PCN technology can have a dramatic effect on the crisis of plastic pollution we quickly saw the environmental benefit as well as the economic one. Clean-Seas and ECOSYNERGIE are in perfect alignment."
Dan Bates, Clean Vision CEO, who travelled to Morocco to execute this Term Sheet, commented, "The opportunity to acquire and put two commercial scale pyrolysis plants into service quickly renders this deal particularly valuable as we expect to produce cash flow, and generate broader private sector and government interest, from the start.
"Of all the world's many MSW or plastic recycling or conversion engineering firms, the fact that Clean-Seas was invited to undertake a commercial-scale, multi-unit, long-term pyrolysis project speaks volumes to our growing reputation as the go-to company for waste plastic-to-energy pyrolysis technology, management and integration into our PCN," Mr. Bates added.
About Clean-Seas, Inc.
Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision. It provides efficient and cost-effective technology solutions that address the global waste plastic crisis as well as creating economic opportunity and social benefit in emerging and developed economies across the world. Clean-Seas offers "best in class" pyrolysis technology deployment for plastic waste-to-energy recycling, including securing feedstock and off-take agreements. For more information, visit: clean-seas.com.
About Clean Vision Corporation
Clean Vision is a public company that acquires and operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp.
Safe Harbor Statement
This press release includes forward-looking statements including statements related to plans to develop two commercial scale waste plastic-to-energy pyrolysis units in Morocco to serve as a host facility for C-S' patent-pending Plastic Conversion Network (PCN), entering into a business relationship in which C-S will establish a new US company, Clean-Seas Morocco, LLC (CSM), which will then set up any corresponding business entities as needed within Morocco, establishing the partnership with ECOSYNERGIE (ESG) making for a solid foundation upon which the Company expects to produce great success, the opportunity to acquire and put two commercial scale pyrolysis units into service quickly renders this deal particularly valuable and producing cash flow and generating broader private sector and government interest from the start. Forward-looking statements are no guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements, including the ability to complete a definitive agreement when anticipated to develop two commercial scale waste plastic-to-energy pyrolysis plants in Morocco to serve as a host facility for the Company's patent-pending Plastic Conversion Network (PCN), the ability to form Clean-Seas Morocco, LLC (CSM) and any corresponding business entities within Morocco as planned, the ability to establish a partnership with ESG that will make for a solid foundation for great success, the ability to acquire and put two commercial scale pyrolysis units into service quickly and the ability to produce cash flow and generate broader private sector and government interest from the start. Such statements are based upon, among other things, assumptions made by, and information currently available to, management, including management's own knowledge and assessment of the Company's industry and competition. The Company assumes no duty to update its forward-looking statements.
Clean Vision Corporation Dan Bates, CEO email@example.com
Frank Benedetto 619-915-9422
SOURCE: Clean Vision Corporation
View source version on accesswire.com: