Brightmark Energy LLC has taken majority ownership in RES Polyflow LLC, a plastics-to-fuel company that is planning a plant in Ashley, Ind.
The San Francisco-based company, which calls itself a renewable energy development firm, has invested $10 million in RES Polyflow and committed another $47 million to develop the company's first plant.
“This is a tremendous opportunity to combat a major environmental ill and create positive economic incentives in the process,” Brightmark CEO Bob Powell said in a statement. “We look forward to developing additional plastics conversion facilities both across the United States and globally over the next several years.”
The facility will have the capacity to covert 100,000 tons of plastic waste into 18 million gallons of low-sulfur fuel and naphtha blend stocks. The site also will be able to produce five million gallons of wax each year.
RES Polyflow already has agreements for the sale of the fuel and wax.