Fortress Transportation and Infrastructure Investors LLC (FTAI:NYSE), and UK green-tech company, Clean Planet Energy, have today announced the formation of a joint venture partnership to develop Clean Planet Energy USA (“Clean Planet USA”) 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. The ecoPlant will convert 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 landfill or incineration.
Development of the first facility at Repauno is underway, where the plant is planned to initially process 20,000 tons of waste plastics each year. 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, Texas, Florida, 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.
“Our company mission is to process and repurpose over one million tons of non-recyclable waste plastics a year, this exciting new joint venture with FTAI accelerates us meeting these environmental goals,” says Bertie Stephens, CEO of Clean Planet Energy. “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.”
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.
Clean Planet Energy is a green-tech company headquartered in the UK. Their ecoPlants are designed to process non-recyclable waste plastics that would otherwise be destined for landfill, incineration or leak into the oceans. The product of their ecoPlants is an ultra-clean oil which can be used as fuel or clean-Naphtha, reducing CO2e emissions by over 75% compared to fossil fuels. Their current ecoPlant opportunities are based in the UK, France, Philippines, Indonesia and now the USA & North America.
Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people globally. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is externally managed by an affiliate of Fortress Investment Group LLC, a leading, diversified global investment firm.