Plastics-to-fuel firm moves closer to issuing IPO

Plastics-to-fuel firm moves closer to issuing IPO

By Editorial Staff, Plastics Recycling Update

Oct. 14, 2013

A U.S. firm is getting closer to building a huge plant in Indiana where non-recyclable plastics would be converted into fuel granules to be used in nearby steelmaking blast furnaces.

New York City-based International Recycling Group has obtained several rounds of bridge financing to help bring this technology to the U.S. market. Steve Edelson, the company president, says the firm may soon issue an initial public offering in order to raise $100 million to build a 300,000-ton-per-year processing plant. The facility would produce six millimeter granules from a wide variety of non-PVC plastics, including non-recyclable plastic sourced from materials recovery facilities as well as the non-recoverable plastics generated at plastic bottle reclamation plants. Rather than shipping this waste material to local landfills, suppliers would be able get as much as $20 per ton for what is now considered garbage, says Edelson. The plastic fuel would compete against the value of the natural gas currently used by primary steel producers.

Edelson says that once the Midwest plant is fully functional, the firm will consider building a West Coast facility to serve Asian steel mills.

 

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