LOS ANGELES, CA / ACCESSWIRE / Clean Vision Corporation (OTCQB:CLNV) (“Clean Vision” or the “Company”), an emerging leader in the sustainable clean technology and green energy sectors, is excited to announce the June 1 signing of a Memorandum of Agreement (the “MoA”) between its Clean-Seas West Virginia subsidiary and the West Virginia Department of Economic Development (“WVDED”) to leverage greater than $12 million in state incentives to establish a manufacturing facility (the “Project”) in West Virginia for the conversion of plastic feedstock into precursors for recycled content plastics and clean fuels, including, but not limited to, hydrogen.
“West Virginia is proud to become Clean-Seas’ first US facility, and the mid-Atlantic hub of its Plastic Conversion Network,” said West Virginia Governor Jim Justice. “This project demonstrates West Virginia’s commitment to innovation and technologies that are financially sound and support a clean economy.”
The Agreement was spearheaded by Mitch Carmichael, Secretary of the West Virginia Department of Economic Development, and includes $1.75 million in forgivable loans, with the balance of support in tax and employment incentives.
“West Virginia has always been a globally recognized leader in energy,” said Dan Bates, CEO of Clean Vision. “We’re excited to help West Virginia lead in clean energy for the next century.
“I would like to thank Mitch and his team for their vision in collaborating with Clean Vision on a project that reflects our shared commitment to deliver innovative solutions geared toward making a lasting and sustainable impact on the environment while simultaneously contributing to West Virginia’s economic growth and development, ” he said.
According to the terms of the MoA, the Project is anticipated to result in capital investments of at least $50 million and employment of at least 40 full-time employees.
In order to incentivize Clean Vision to select West Virginia for the location of the Project, WVDED has represented that the state of West Virginia will provide Clean Vision with $1.75 million in the form of one or more forgivable, performance-based loans to fund completion of the Project in addition to all other qualifying statutory tax credits and incentives for which the Project may be eligible.
WVDED Secretary Carmichael added, “Clean Vision has demonstrated a clear commitment to leadership in the clean energy space and we welcome them to the Mountain State with open arms. This project is capable of bringing long-term, good-paying jobs to West Virginia in a strong 21st century industry. And we look forward to backing Dan and his team as they get this exciting Project off the ground and running in high gear.”
Once construction has been completed and the facility is up and running, the Company plans to begin processing plastic for conversion to clean energy at a rate of 100 tons per day, starting in 2024, scaling to 500 tons per day over time.
” West Virginia will provide an ideal location as we continue to scale our Plastic Conversion Network domestically as well as globally,” concluded Bates. “The funding provision will allow us to leverage our own investments for a substantial jump in ROI on this facility. It’s a tremendous opportunity for Clean Vision and all our stakeholders as well as a wise investment for the residents of West Virginia. This project will bring jobs, investment, industry, and a new source of next-generation sustainable clean energy while removing harmful plastic from the environment.”
About Clean Vision
Clean Vision is a public company that operates and is intending to acquire and operate a portfolio of synergistic companies in the sustainable clean technology and green energy sectors. For more information, visit: www.cleanvisioncorp.com and follow us on Twitter: @CleanVisionCorp
About Clean-Seas
Clean-Seas, Inc. is a wholly-owned subsidiary of Clean Vision. It is working to provide efficient and cost-effective technology solutions that locally address the global plastic crisis as creating economic opportunity and social benefit across the world. Clean-Seas plans to work towards offering “best in class” pyrolysis technology deployment with strategic alliances for plastic diversion and conversion, including securing feedstock of plastic and off-take agreements. For more information, visit: www.clean-seas.com
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, statements about our future financial performance, including our revenue, cash flows, costs of revenue and operating expenses; our anticipated growth; our predictions about our industry; the impact of the COVID-19 pandemic on our business and our ability to attract, retain and cross-sell to clients. The forward-looking statements contained in this press release are also subject to other risks and uncertainties. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.