LOS ANGELES, CA / ACCESSWIRE / June 2, 2022 / Clean Vision Corporation (OTCQB:CLNV) (the "Company"), today announced its wholly owned Clean-Seas,announced its wholly owned Clean-Seas, Inc. (C-S) subsidiary has signed a non-binding term sheet with Jalaber Diffusion to jointly pursue the planned building of a commercial-scale waste plastic-to-energy plant as the Company's first PCN host facility in France.
Over 20 years in business, Nantes, France-based Jalaber Diffusion (JD) provides recycling and recovery services for packaging and production waste. Nantes has a metropolitan population of 700,000, and is located 213 miles southwest of Paris on the Loire River; it is a port city with direct shipping access to the Atlantic Ocean 31 miles downriver.
Clean Vision Chief Executive Officer, Dan Bates, commented, "France is a European leader in its sensitivity to sustainability and climate change. Jalaber is a terrific operating company, with deep expertise and extensive relationships in waste recycling and recovery that pre-dates the green energy and sustainability industries as we know them today.
"As with all the LOIs and term sheets we've established with municipal and industrial entities worldwide, our focus is advancing those preliminary agreements to a definitive contract that includes our partner providing land for the facility, local permitting, and feedstock and off-take agreements," Mr. Bates added. "That should enable us to assemble a bankable package that we can take to investors for project financing."
"Following on the heels of our planned project in Morocco, this LOI with JD gives Clean-Seas yet another piece in the PCN network upon which we expect to build, and I am excited to begin the process of securing the needed elements," said Daniel Harris, V.P. Business Development.
C-S /Jalaber Term Sheet Highlights
The Term Sheet is intended to govern the relationship between the parties until such time that a formal definitive agreement may be implemented. It provides for the two companies to enter into a business relationship in which C-S will establish a new US company, Clean-Seas Brittany, LLC (CSB), and JD will set up any corresponding business entities as needed within France.
Under the terms, CSB is to:
Manage construction, operations, contractors, finances and off-take customers for pyrolysis oil, AquaHtm hydrogen, char, and lubricants for a 100 tons-per-day (TPD) pyrolysis facility -- with potential to increase to 500 TPD.
Hold a controlling stake in the resultant jointly owned entity.
JD is to:
Provide suitable land to support 100-TPD processing, and additional land to expand to 500 TPD processing if later agreed upon.
Obtain all licenses and permits as required, and secure tax incentives if available.
Source feedstock and assist with off-take agreements.
Ensure compliance with Basel Convention rules for the responsible storage and recycling of feedstock coming from other nations.
