GETH says it will move forward with building its first plant.
Green EnviroTech Holdings Corp. (GETH), Riverbank, Calif., has announced that a major oil company has determined its tire-and-plastic-to-oil samples to be of an acceptable quality for purchase. The oil company stated that lab results showed the crude oil samples received to be within typical specifications for its refinery, according to a news release from Green EnviroTech.
"This is another huge leap forward for GETH and our tire-and-plastic-to-oil project with Ebbros Energy LLC,” says GETH CEO Gary De Laurentiis. “This is the final piece of what was needed to move forward with our first plant. We are finalizing our agreement with Ebbros so we can move from the nonbinding LOI (letter of intent) to a finance and purchase agreement next week. Terms of a purchase agreement between Ebbros and the oil company are now being negotiated as to the delivery point and financial terms. We anticipate the contract to be completed in the next few weeks."
De Laurentiis adds, "We are now working with a California commercial realtor and have identified a site and are negotiating the rental terms.”
He says once the terms are finalized and the address has been obtained, the company will apply for the required permits.
“We have been in contact with the agencies able to permit the site we have chosen and have had initial discussions that have been positive and we believe the permits can be completed in the next few months,” he says. “We are very encouraged at the progress we have made over the past year with this technology and our ability to get an oil company to accept what we will produce.”
De Laurentiis continues, “Additionally, GETH has secured feedstock supplies of tires and plastic for the area where we intend to locate. With huge volumes of waste tires and plastic going to the California landfills, we foresee the plant growing from its initial startup to consume an enormous amount of waste tires and plastic that has no value and is not recycled."