Vadxx Energy has received undisclosed financing for its first plastic waste-to-energy facility. Private equity firm Liberation Capital has agreed to fund the first unit. Headquartered in Cleveland, Vadxx Energy is a recycling company
CLEVELAND–(BUSINESS WIRE)–Vadxx Energy (www.vadxx.com) has closed on financing for its first commercial-scale, plastic waste-to-energy facility. This first unit will be implemented in Akron, Ohio and is scheduled to come on-line in early 2015. The regional operation will recycle almost 60 tons per day of waste plastics, diverting them from landfill disposal.
Liberation Capital, a global private equity firm, entered into an agreement with Vadxx to fund the first unit, and additional commercial units. Rockwell Automation is the procurement and construction contractor and will manufacture and commission the facility.
“Vadxx is focused on implementing our first commercial unit in Akron successfully, as an important first step toward global expansion,” said Jim Garrett, Vadxx CEO. “Liberation Capital, Rockwell Automation, feedstock suppliers, and other partners will play key roles in our growth and success.”
Vadxx has operated a 1/50th scale pilot facility for several years, working to optimize its process, test future plastic feedstocks, and educate investors. The company has received significant support from Northeast Ohio economic development entities and the state of Ohio.
For more information visit www.vadxx.com