FTAI and Clean Planet Energy partner to develop ecoPlants in North America
In the United States (US), Fortress Transportation and Infrastructure Investors LLC (FTAI), an affiliate of diversified global investment firm Fortress Investment Group LLC, and UK waste plastic recovery technology developer Pyroplast Energy Ltd, currently trading as Clean Planet Energy (CPE), have announced the formation of a joint venture partnership, Clean Planet Energy USA, to develop ecoPlants in key North American markets.
The first Clean Planet USA ecoPlant is under development at FTAI’s Repauno Port & Rail Terminal (Repauno) in Gibbstown, New Jersey (NJ). The ecoPlant is planned to initially process 20 000 tonnes per annum of non-recyclable waste plastics into ultra-clean fuels and oils, and circular-naphtha to support the manufacture of new plastics.
Clean Planet USA ecoPlants are green recycling facilities that can process waste plastics that traditionally cannot be recycled. An ecoPlant can accept and process plastics from all classifications, including those which are almost always rejected by traditional recycling centers and sent to landfills or incineration.
In addition, the newly formed Clean Planet USA business development team is advancing multiple additional projects with agreements in place for plastic-waste supply in Alabama (AL), Texas (TX), Florida (FL), the Dominican Republic, and other North American markets.
We are pleased to partner with Clean Planet Energy on this exciting opportunity. The development of the ecoPlants represent an attractive economic return on a stand-alone basis, while also enhancing the value of our existing terminal assets and accelerating the transition to clean energy, said Joe Adams, CEO of FTAI.
Over the coming months, the joint venture will be expanding its network of feedstock partners for non-recyclable plastic and is seeking to collaborate with firms that process or generate this waste.
Our company mission is to process and repurpose over one million tonnes of non-recyclable waste plastics a year, this exciting new joint venture with FTAI accelerates us meeting these environmental goals. The FTAI team not only understand the need for immediate action in tackling the plastic and the carbon crises, but the network available through their current businesses, provide the perfect platform and partner to scale ecoPlant construction, said Bertie Stephens, CEO of Clean Planet Energy.