CLNV - Clean Vision unit inks term sheet to develop plastic-to-energy pyrolysis plant

Clean Vision (OTCPK:CLNV) on Monday said its unit Clean-Seas (C-S) signed a binding term sheet with Morocco-based Ecosynergie to develop a commercial scale waste plastic-to-energy pyrolysis plant to serve as a host facility for the unit's Plastic Conversion Network. Under the term sheet, the two companies will enter into a business relationship in which C-S will establish a new U.S. company Clean-Seas Morocco, which will then set up any corresponding business entities as needed within Morocco. The term sheet provides for Clean-Seas Morocco to purchase and integrate Ecosynergie's two 10-TPD units and install those units for immediate operation. It provides capital to scale Clean-Seas Morocco operations to 350-TPD processing capability. It also provides for Clean-Seas Morocco to hold a controlling stake in the resultant jointly owned entity, and for both it and Ecosynergie to split net profits equally. The term sheet allows Ecosynergie to provide its existing land to Clean-Seas Morocco

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Clean Vision unit inks term sheet to develop plastic-to-energy pyrolysis plant