Green EnviroTech Holdings Corporation announced after the closing bell yesterday that its wholly-owned subsidiary, Green EnviroTech Corporporation (“GETC”) has signed a contract with Agilyx (formerly Plas2Fuel) for exclusive resale rights to the synthetic crude oil produced by Agilyx from difficult-to-recycle plastics provided by GETC. GETC is an industry leader in plastics recovery, separation, cleaning and recycling. Agilyx is a privately-held alternative energy company which uses its patent-pending technologies to convert difficult-to-recycle waste plastics into synthetic crude oil and other valuable petroleum-based products.
Plastic waste is ramping up in volume in both the United States and Europe dramatically. 20% of landfill volume is taken up by mixed plastic waste. The U.S. and Europe landfill 26 million tons and 73 million tons of plastic each year, respectively. This waste could potentially be converted to 24.5 billion gallons of petroleum products using the Agilyx technologies.
Agilyx uses its patent pending process to “decompose” plastics back into hydrocarbons while separating undesirable organics (chlorine, bromine, etc.) entrained in the plastic. Using this relatively simple continuous batch process, Agilyx has been converting waste plastics into synthetic sweet crude oil and selling it in the open market for the last two years. The process is scalable, versatile and environmentally friendly.
GreenEnviroTech has established key partnerships with various automotive shredder locations nationwide and constructed large-scale, plastic recycling operations in close proximity. This contract with Agilyx allows GETC to provide any and all types of plastic, comingled, dirty and/or contaminated materials to be processed in the Agilyx recycling system. The “green”, ultra clean, “sweet” crude oil that is produced from the scrap will then in turn be sold to oil refineries.
“We are extremely pleased to partner with industry leader Agilyx to help extend our large scale recycling and favorable carbon footprint efforts,” said Gary DeLaurentiis, Chief Executive Officer, Green EnviroTech Corp. “This is truly a unique opportunity to produce oil in the U.S. without drilling into the ground while using ‘no-value’ materials that would normally go to landfills to produce the oil. The net-positive environmental impacts, creation of green collar jobs, production of domestic sources of oil and industry spanning economic benefits are combined using Green EnviroTech’s expertise.”
More information on Green EnviroTech Holdings Corporation and its subsidiary can be found on the Company’s website at www.greenenvirotech.com.