CLEAN VISION CORPORATION Clean Vision Corporation announced the approval of a $15 million loan guarantee from the West Virginia Economic Development Authority. This loan guarantee will accelerate the development of the Company's first US-based Plastic Conversion Network ("PCN") facility in Quincy, Clean-Seas West Virginia ("CS-WV"). Once operational, the CS-WV facility will use pyrolysis technology to transform waste plastic, or plastic feedstock, into clean fuels to be used as precursors for new plastic products, closing the loop on plastic circularity.
In addition, the Company plans to produce clean hydrogen at its CS-WV facility, with the goal of contributing to West Virginia's vision of becoming a trailblazing clean energy state. Currently, Clean-Seas has two PCN facilities in operation, one in Agadir, Morocco and one in Hyderabad, India. Once operational, CS-WV, a wholly owned subsidiary of Clean Vision Corporation, will become the first US-based PCN facility.
The CS-WV is currently planning to commission the facility with a conversion capacity of 100 tons of plastic feedstock per day. The Company is in negotiation to sell the products produced at the Quincy facility to a major petrochemical company, supporting their efforts in plastic circularity. The project, when fully developed, is slated to convert 500 tons per day of plastic feedstock diverting the waste from incineration or landfill and generating approximately 200 jobs in West Virginia.
