Congratulations to MAGNET incubator tenant Vadxx, who recently signed a MOU with Greenstar Recycling. Through this joint venture, Greenstar and Vadxx will work together to provide a domestic fuel, and benefit the environment by re-purposing recovered plastic products.
Speaking for Greenstar, CEO Matt Delnick said “Vadxx will help us recover plastics from the material stream and repurpose them as feedstock for the production of oil. This JV will help us better serve our municipal customers by providing a more consistent market value for their plastics that are otherwise largely unmarketable. It will increase recovery rates by pulling more plastics out of landfills.”
“Plastics are made from oil, and Vadxx has figured out how to create the lowest sulfur content crude oil in the world, from a commodity that might otherwise occupy space in landfills,” stated Jim Garrett Vadxx CEO. “We are thrilled to partner with Greenstar, one of the top recyclers in the U.S. The Vadxx equity partnership with its feedstock suppliers is a key component of our business model, which features a low capital investment compared to the expected return from oil sales.”
Greenstar and Vadxx expect that the joint venture will begin producing crude oil in mid-2012 with the target location for the project in Ohio.