Clean Vision Corporation Secures $15 Million Loan Guarantee From West Virginia Economic Development Authority
Clean Vision Corporation secures a $15 million loan guarantee for its US-based Plastic Conversion Network facility in Quincy, West Virginia. The facility aims to convert waste plastic into clean fuels and produce clean hydrogen, contributing to West Virginia's clean energy goals. The project is expected to create 200 jobs and support plastic circularity efforts.
02/20/2024 - 09:00 AM
LOS ANGELES, CA / ACCESSWIRE / February 20, 2024 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company"), an emerging leader in innovative plastic recycling and clean fuel development, is pleased to announce 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.
West Virginia's Governor, Jim Justice, and his administration were instrumental in championing this visionary endeavor. We believe the Governor's commitment to the future of West Virginia as a hub for clean energy played a pivotal role in securing the necessary support for the EDA's loan guarantee program, which will be instrumental in progressing with the development of CS-WV.
In expressing gratitude, Dan Bates, CEO of Clean Vision, remarked, "We are sincerely grateful to Governor Justice and the entire Economic Development Authority team for their unwavering vision and steadfast support of Clean-Seas. This significant commitment not only accelerates our project, but demonstrates West Virginia' commitment to a cleaner and more sustainable future."
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.
About Clean Vision Corporation
Clean Vision is a public company that operates in the sustainable clean technology and green energy sectors. For more information, visit: www.cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp
About Clean-Seas, Inc.
Clean-Seas West Virginia, Inc. is a wholly-owned subsidiary of Clean Vision established for the purposes of developing and operating the Company's PCN facility in Quincy, West Virginia.
About Clean-Seas, Inc.
Clean-Seas, Inc. ("Clean-Seas") is a wholly-owned subsidiary of Clean Vision working to provide efficient and cost-effective technology solutions that address the global plastic crisis as creating economic opportunity and social benefit across the world. Clean-Seas' goal is to offer "best in class" pyrolysis technology deployment with strategic alliances for plastic diversion and conversion, including securing plastic feedstock and off-take agreements. For more information, visit: www.clean-seas.com
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our projections with respect to the processing capabilities of our PCN facilities, our ability to develop and place our planned PCN facilities into operation, which is dependent upon numerous factors of which we cannot guarantee will be satisfied or favorable, including, but not limited to, our ability to raise necessary capital, secure required local, state and federal contracts and licenses, and other factors outside of our control; estimated revenue generation, cash flows, costs of revenue and operating expenses; our anticipated growth; our ability to conduct and close the Green Bond Offering, which a successful closing cannot be guaranteed; our predictions about our industry; our estimates with respect to expanding and meeting our projections for our PCN facilities; our ability to raise capital and secure contracts needed to meet expected revenue and processing capabilities; our ability to secure feedstock and offtake agreements sufficient to meet anticipated growth, revenue generation and project processing capabilities; the impact of local and global regulations and laws applicable to our facilities and projects; and our ability to provide viable solutions to the global plastic crisis. The forward-looking statements contained in this press release are also subject to other risks and uncertainties. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Contact d.bates@cleanvisioncorp.com
Investors
SOURCE: Clean Vision Corporation
press release on accesswire.com
What is the ticker symbol for Clean Vision Corporation?
The ticker symbol for Clean Vision Corporation is CLNV.
What is the purpose of the $15 million loan guarantee received by Clean Vision Corporation?
The $15 million loan guarantee will accelerate the development of the Company's first US-based Plastic Conversion Network facility in Quincy, West Virginia.
How does Clean Vision Corporation plan to use pyrolysis technology at the CS-WV facility?
Clean Vision Corporation plans to use pyrolysis technology at the CS-WV facility to transform waste plastic into clean fuels and produce clean hydrogen.
How many PCN facilities does Clean Vision Corporation currently have in operation?
Clean Vision Corporation currently has two PCN facilities in operation, one in Agadir, Morocco, and one in Hyderabad, India.
How many jobs are expected to be generated by the CS-WV facility in West Virginia?
The CS-WV facility in West Virginia is expected to generate approximately 200 jobs.
