Vadxx Energy, a Cleveland, OH-based high tech, recycling company that converts recyclable and non-recyclable plastic into higher value energy products, closed a financing with global private equity firm Liberation Capital.
The amount of the transaction was not disclosed.
The company intends to use the funds for its first commercial-scale, plastic waste-to-energy facility. This first unit will be implemented in Akron, Ohio and is scheduled to come on-line in early 2015. The regional operation will recycle almost 60 tons per day of waste plastics, diverting them from landfill disposal.
Led by Jim Garrett, CEO, Vadxx Vadxx has operated a 1/50th scale pilot facility for several years, working to optimize its process, test future plastic feedstocks, and educate investors. It has received support from Northeast Ohio economic development entities and the state of Ohio.