LOS ANGELES, CA / ACCESSWIRE / November 7, 2024 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company"), an emerging leader in the development of sustainable technologies, is pleased to announce its wholly-owned subsidiary, Clean-Seas West Virginia, Inc. ("Clean-Seas West Virginia") has secured a $15 million bridge loan to finance Clean-Seas West Virginia's clean energy project that is currently being developed in Quincy, West Virginia (the "West Virginia Facility"). This loan, backed by a guarantee from the West Virginia Economic Development Authority and a letter of credit / completion bond issued by UPS Industrial Services ("UPSIS"), will propel our groundbreaking clean energy initiative forward, with construction on the WV Facility currently set to begin in November 2024.
The West Virginia Facility will convert plastic feedstock into clean fuel. Phase 1 for the West Virginia Facility is planned to commence operations with capacity for processing 50 tons per day ("TPD") with current plans to expand the West Virginia facility in subsequent phases up to 400 TPD of processing capability. Phase 1 is currently scheduled for commissioning in the third quarter of 2025, marking a major step forward in reducing plastic pollution and creating sustainable fuel solutions in the region.
"This funding represents a pivotal moment for Clean-Seas West Virginia and our mission to develop a global network of conversion facilities, with the goal to create a cleaner planet. Our partnership with UPS Industrial Services and the support from the West Virginia Economic Development Authority demonstrate the strong belief in the potential for the West Virginia facility to not only reduce plastic waste and provide clean fuel, but to also create jobs and drive sustainable economic growth for the residents of West Virginia and the region as a whole." Said Dan Bates, CEO of Clean Vision.
As previously announced, UPSIS will oversee the engineering, procurement and construction of the West Virginia Facility to ensure its on-time, on-budget construction. "UPSIS is always looking for opportunities to partner with visionary companies like Clean-Vision to develop sustainable technology solutions and leave the planet in better shape than we found it. We believe the West Virginia Facility offers a unique opportunity to turn plastic waste into a valuable resource, and we look forward to working with the Clean Vision team on its project in West Virginia and around the world" said Lonnie Jackson, Senior Projector Director at UPSIS.
The West Virginia Facility marks our first Plastic Conversion Network (PCN) facility in the U.S. and builds upon Clean Vision's goal of expanding its clean fuel technologies globally while addressing critical environmental issues.
About Clean Vision Corporation:
Clean Vision is a public company that operates a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: www.cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp
About Clean-Seas, Inc.:
Clean-Seas, Inc. is a wholly owned subsidiary of Clean Vision Corporation. It is working to provide efficient and cost-effective technology solutions that address the global plastic crisis as creating economic opportunity and social benefit across the world. Clean-Seas' goal is to offer "best in class" pyrolysis technology deployment with strategic alliances for plastic diversion and conversion, including securing plastic feedstock and off-take agreements. For more information, visit: www.clean-seas.com
About UPS Industrial Services, LLC:
UPS Industrial Services, LLC ("UPSIS") is a premier provider of engineering, procurement, and construction services, renowned for delivering high-quality, cost-effective solutions for industrial projects globally. With a strong commitment to safety and excellence, UPSIS is a trusted partner for complex, large-scale initiatives. For more information, visit: www.upsindustrial.com.
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our estimated and projections with respect to, among other things, the timeline associated with the construction and operation of the West Virginia Facility, the processing capability of the West Virginia Facility, our ability raise capital and secure contracts needed to meet expected revenue and processing capabilities, the ability of our consultants and partners to complete the construction of the West Virginia Facility within the currently anticipated time frame and within the currently anticipated budget, our anticipated growth, our predictions about our industry, our estimates with respect to expanding and meeting our projections for our facilities, our daily processing capabilities, revenue generation and project processing capabilities, the impact of local and global regulations and laws on our industry, and our ability to attract, retain and cross-sell to clients. The forward-looking statements contained in this press release are also subject to other risks and uncertainties. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
