Fortress Transportation and Infrastructure Investors LLC (FTAI:NYSE), and UK green-tech company, Clean Planet Energy, have today announced the formation of a joint venture partnership to develop Clean Planet Energy USA (“Clean Planet USA”) ecoPlants in key North American markets. The first Clean Planet USA ecoPlant is under development at FTAI’s Repauno Port & Rail Terminal (“Repauno”) in Gibbstown, New Jersey. The ecoPlant will convert non-recyclable waste plastics into ultra-clean fuels and oils, and circular-naphtha to support the manufacture of new plastics.
Clean Planet USA ecoPlants are green recycling facilities that can process waste plastics that traditionally cannot be recycled. An ecoPlant can accept and process plastics from all classifications, including those which are almost always rejected by traditional recycling centers and sent to landfill or incineration.
Development of the first facility at Repauno is underway, where the plant is planned to initially process 20,000 tons of waste plastics each year. In addition, the newly formed Clean Planet USA business development team is advancing multiple additional projects with agreements in place for plastic-waste supply in Alabama, Texas, Florida, the Dominican Republic, and other North American markets.
“We are pleased to partner with Clean Planet Energy on this exciting opportunity. The development of the ecoPlants represent an attractive economic return on a stand-alone basis, while also enhancing the value of our existing terminal assets and accelerating the transition to clean energy,” said Joe Adams, CEO of FTAI.
“Our company mission is to process and repurpose over one million tons of non-recyclable waste plastics a year, this exciting new joint venture with FTAI accelerates us meeting these environmental goals,” says Bertie Stephens, CEO of Clean Planet Energy. “The FTAI team not only understand the need for immediate action in tackling the plastic and the carbon crises, but the network available through their current businesses, provide the perfect platform and partner to scale ecoPlant construction.”
Over the coming months the joint venture will be expanding its network of feedstock partners for non-recyclable plastic and is seeking to collaborate with firms that process or generate this waste.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the development of Clean Planet USA ecoPlants, the markets where development is intended including at FTAI’s Repauno, the ecoPlants’ ability to convert non-recyclable waste plastics into ultra-clean fuels and oils and circular-naphtha, Clean Planet USA ecoPlant’s ability to accept and process plastics from all classifications, the amount of waste plastics the plant can process each year, development of additional projects in Alabama, Texas, Florida, and the Dominican Republic, whether the joint venture will lead to an attractive economic return on a stand-alone basis, whether the value of the existing FTAI terminal assets will be enhanced, the ability to accelerate the transition to clean energy, the ability of Clean Planet Energy to process and repurpose over one million tons of non-recyclable waste plastics a year, the ability of the joint venture to expand its network of feedstock partners for non-recyclable plastic, and the intent to collaborate with additional firms that process or generate waste. These statements are based on FTAI and Clean Planet Energy management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond FTAI’s and Clean Planet Energy’s control. FTAI and Clean Planet Energy can give no assurance that their expectations will be attained and such differences may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in FTAI’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on FTAI’s website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for FTAI and Clean Planet Energy to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. FTAI and Clean Planet Energy expressly disclaim any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in FTAI’s or Clean Planet Energy’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. This release shall not constitute an offer to sell or the solicitation of an offer to buy any securities.