Vadxx Energy said it has closed on financing for its first commercial-scale plant to turn plastic waste into energy.
Vadxx said Liberation Capital, a private equity firm, has entered into an agreement with Vadxx to fund the first unit and additional commercial units. However, the company did not disclose details about the amount of money Liberation is putting behind the effort.
Vadxx said Rockwell Automation is the procurement and construction contractor and will manufacture and commission the plant.
The company said the first unit will be built in Akron and is scheduled to come on line in early 2015. Vadxx said the regional operation will recycle almost 60 tons per day of waste plastics, diverting them from landfill disposal.
Vadxx has operated a 1/50th scale pilot plant for several years. The company said it has received support from Northeast Ohio economic development entities and the state of Ohio.
"Vadxx is focused on implementing our first commercial unit in Akron successfully as an important first step toward global expansion," said Jim Garrett, Vadxx CEO.