Brightmark Energy has secured USD 260 million (EUR 231m) in financing to build the US’ first commercial-scale plant that will be turning single-use plastics into fuels and wax, the San Francisco-based firm said Thursday.
The financing package includes USD 185 million in Indiana green bonds, underwritten by Goldman Sachs & Co, and marks financial close for the project. The facility will be built in Ashley, Indiana, with the groundbreaking ceremony scheduled to take place in May.
As part of the financing transaction, Brightmark Energy is becoming the controlling shareholder of RES Polyflow, the firm that developed the process for converting into useful products mixed plastics, including items that cannot readily be recycled, such as plastic film, flexible packing and styrofoam.
Brightmark Energy Ashley Indiana will initially be able to produce more than 18 million gallons of ultra-low sulfur diesel and naphtha blend stocks each year by processing 100,000 tonnes of mixed plastics. In addition to that, it will be producing nearly six million gallons a year of commercial grade wax. BP plc (LON:BP) will be buying the fuels and distributing them in the regional petroleum market, while AM WAX will be getting the commercial grade waxes.
“Ultimately, the outputs of this technology could also be used to produce the feedstocks necessary for manufacturing plastic again, thus creating the world’s first truly circular economy technology for plastics,” Brightmark pointed out.
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