Rabat (Morocco): American company Clean-Seas has purchased a 51% majority stake in Morocco's Ecosynergie Group, an operator of pyrolysis waste-plastic conversion technology. As a result of the acquisition, Ecosynergie will now be known as Clean-Seas Morocco (CSM), following the name of the joint venture created between the two companies last year.
Clean-Seas, a subsidiary of Clean Vision, will invest $6.5 million over the next 10 months to acquire a controlling stake in Ecosynergie's recycling facility. The facility currently has a capacity of 20 tonnes per day (TPD) and is expected to be further bolstered by two additional 50 TPD systems, increasing its capacity to 120 TPD.
Clean-Seas is launching a new regional hub as part of its “Plastic Conversion Network”. The press release states that the facility has set a two-year goal of reaching a capacity of 350 Tonnes Per Day (TPD) or more.
"Our team believes this transaction is a big win for Morocco and for everyone involved,” stated ESG’s Director and General Manager Mohammed El Abbassi, who is also set to become the Chairman of the CSM board.
“Combined with the Clean-Seas team and its capital commitment, we anticipate having the resources needed to reduce waste-plastic economically and profitably, while creating jobs and producing clean fuels to help offset higher energy prices," he stated.
"Everyone involved with this project is committed to its success, not just financially but for the positive impact it will have on the environment and the local community,” said Dan Harris, Clean Vision CRO.
Clean-Seas and Ecosynergie recently came together to construct two plants to convert plastic into energy sources. This provides other Moroccan companies with the opportunity to use these facilities for their own pyrolysis operations.