In Canada, Sparta Capital Ltd, an investment group that holds a controlling interest in a network of independent businesses that supply energy-saving technologies has recently announced that its "ReECO Tech" division has signed a non-binding Memorandum of Understanding (MOU) with Pi ECO Canada Ltd, to jointly convert unsortable waste plastics into synthetic diesel fuel, on an industrial scale.
Ontario based Pi Eco Canada designs, manufactures and operates plastic conversion technologies that utilise waste plastic destined for landfills and generates low sulphur ASTM II certified synthetic diesel for both commercial and industrial consumption.
According to a statement, the objective of the proposed joint venture (JV) is to construct an initial waste plastics-to-fuel facility in the Greater Toronto Area (GTA) to re-direct some 18 000 tonnes per annum of waste plastic from landfill.
The JV remains subject to the execution of a definitive agreement and regulatory approval including but not limited to, the approval of the TSX Venture Exchange. Financing for the initial equipment has already been secured through a guaranteed line of credit that will be re-paid over ten-years with a blend of principle, interest, and royalties.
We’re very excited to be working with Pi Eco Canada as they too are very focused on doing what’s right for the planet, with a real interest and desire to address the mountains of plastic that are now floating in our oceans. What we are planning to do together is a crucial next step to address that issue while profiting from Doing What’s Right®; diverting waste and transforming it into something profitable, said John O’Bireck, President of Sparta Capital.
