Clean Vision's Subsidiary Clean-Seas West Virginia Signs MoA to Leverage State Funding to Establish Major Clean Energy Plastic Conversion Facility
06.08.2023 By Tank Terminals - NEWS

June 8, 2023 [Clean Vision Group]- Clean Vision Corporation (OTCQB:CLNV) (“Clean Vision” or the “Company”), an emerging leader in the sustainable clean technology and green energy sectors, is excited to announce the June 1 signing of a Memorandum of Agreement (the “MoA”) between its Clean-Seas West Virginia subsidiary and the West Virginia Department of Economic Development (“WVDED”) to leverage greater than $12 million in state incentives to establish a manufacturing facility (the “Project”) in West Virginia for the conversion of plastic feedstock into precursors for recycled content plastics and clean fuels, including, but not limited to, hydrogen.

 

West Virginia is proud to become Clean-Seas’ first US facility, and the mid-Atlantic hub of its Plastic Conversion Network,” said West Virginia Governor Jim Justice. “This project demonstrates West Virginia’s commitment to innovation and technologies that are financially sound and support a clean economy.”

The Agreement was spearheaded by Mitch Carmichael, Secretary of the West Virginia Department of Economic Development, and includes $1.75 million in forgiveable loans, with the balance of support in tax and employment incentives.

“West Virginia has always been a globally recognized leader in energy,” said Dan Bates, CEO of Clean Vision. “We’re excited to help West Virginia lead in clean energy for the next century.

“I would like to thank Mitch and his team for their vision in collaborating with Clean Vision on a project that reflects our shared commitment to deliver innovative solutions geared toward making a lasting and sustainable impact on the environment while simultaneously contributing to West Virginia’s economic growth and development, ” he said.

According to the terms of the MoA, the Project is anticipated to result in capital investments of at least $50 million and employment of at least 40 full-time employees.

In order to incentivize Clean Vision to select West Virginia for the location of the Project, WVDED has represented that the state of West Virginia will provide Clean Vision with $1.75 million in the form of one or more forgivable, performance-based loans to fund completion of the Project in addition to all other qualifying statutory tax credits and incentives for which the Project may be eligible.

WVDED Secretary Carmichael added, “Clean Vision has demonstrated a clear commitment to leadership in the clean energy space and we welcome them to the Mountain State with open arms. This project is capable of bringing long-term, good-paying jobs to West Virginia in a strong 21st┬ácentury industry. And we look forward to backing Dan and his team as they get this exciting Project off the ground and running in high gear.”

Once construction has been completed and the facility is up and running, the Company plans to begin processing plastic for conversion to clean energy at a rate of 100 tons per day, starting in 2024, scaling to 500 tons per day over time .

” West Virginia will provide an ideal location as we continue to scale our Plastic Conversion Network domestically as well as globally,” concluded Bates. “The funding provision will allow us to leverage our own investments for a substantial jump in ROI on this facility. It’s a tremendous opportunity for Clean Vision and all our stakeholders as well as a wise investment for the residents of West Virginia. This project will bring jobs, investment, industry, and a new source of next-generation sustainable clean energy while removing harmful plastic from the environment.”

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