The global clean economy drive is in full swing and Clean Vision Corporation (OTCQB:CLNV) is at the forefront of technological innovations in that particular space. It is specifically involved in targeting the plastic waste crisis. Its fully-owned subsidiary unit Clean Seas has already been successful in setting up a worldwide footprint of conversion plants. It drives the important plastic circular economy.
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Clean Seas use the Plastic Conversion Network worldwide and convert millions of tons of plastic feedstock into clean and environmentally friendly products. Another Clean Vision subsidiary is Eco Cell, which is involved in the development of hydrogen-based fuel cell, which produces clean energy to meet the worldwide demand for such energy solutions.
It has been making significant progress in recent times and on June 12, 2023, Clean Vision announced with regards to Clean Seas. It was announced that Clean Seas had gone into a joint venture agreement with Rob &Melani Sustainability Solutions Service (WS3). WS3 is headquartered at Arizona State University and is affiliated with it.
As per the provisions of the agreement between the two parties, they are going to collaborate on the development and operation of a circular economy and plastic waste conversion project in the Phoenix area. As per the agreement, Clean Seas also formed a unit named Clean Seas Arizona, which would be solely devoted to the project. The initial phase of the joint venture would be focussed on the establishment of a 100 Tons Per Day plant that would convert post-consumer plastic feedstock.
Additionally, the two entities also reached an agreement to eventually raise the capacity of the plant to 500 Tons Per Day. It would also work on securing plastic feedstock from other locations.
The agreement also stipulates that both Clean Seas and WS3 would be responsible for the management of the joint venture. Clean Seas Arizona revealed that the cost of the project would be around $50 million as per its estimates. The Chief Executive Officer of Clean Vision, Dan Bates, spoke about the development as well and expressed his delight at the new agreement.
On June 5 Clean Vision announced that Clean Seas West Virginia subsidiary had inked a memorandum of understanding with the West Virginia Department of Economic Development ("WVDED"). As per the terms of the agreement, the two entities are going to use the $12 million plus in state-backed incentives to set up a manufacturing facility in West Virginia.
The facility would be involved in the conversion of plastic feedstock to precursors. The precursors would then be used to produce a range of clean fuels including hydrogen as well as recycled content plastics. In the process, West Virginia also became the first Clean Seas facility in the United States. It would also be the centerpiece of the company’s Plastic Conversion Network in the mid-Atlantic. The Secretary of the West Virginia Department of Economic Development was the prime mover for the agreement and it would also involve $1.75 million in the form of forgivable loans.
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