Recycling technology firm Plastics2Oil Inc. plans to restart limited production and sale of fuel products by processing used plastic film and oils.
P2O previously engaged in fuel production for commercial sale before shifting its business strategy in 2014 to licensing its P2O technology, officials with the Niagara Falls, N.Y.-based firm said in an Aug. 7 news release.
P2O recently acquired additional debt financing of $250,000 from two of its directors for the restart of a unit in Niagara Falls.
"It is the company's goal to produce and sell … fuel oil from the processor to provide operating cash to support P2O's core technology licensing business," officials said.
In the release, CEO Rick Heddle said that officials "are pleased to have secured the financial commitments that should allow us to re-initiate the processing of used oils and film plastics and we thank our two directors for their financial support and faith."
P2O booked no sales in 2016 or 2017 as it switched to a business model of selling processing units, it added in a recent SEC filing. The firm posted a combined loss of around $7.2 million for that two-year period. P2O stock is traded over the counter.
In late December, P2O reached an agreement to sell several units to alternative energy firm Veridisyn Technologies LLC of Tuscaloosa, Ala. The purchase order for those units has been extended to Nov. 26. P2O officials said at the time they expected to generate at least $4 million from the Veridisyn deal, plus royalties of 5 percent of fuel sales.
Heddle said in December that "by turning waste plastic into fuel without any hazardous waste, this joint industry solution will help accelerate plastic recycling in cities, towns and industrial plants, and be a major step forward in meeting a significant environmental challenge."
"I am very excited about moving forward with [P2O] in implementing its breakthrough technology to leverage the substantial global market opportunity for plastic to fuel solutions," Veridisyn Managing Director Robin Curtis said.