$CLNV Clean Vision Corporation Secures Amended and Restated $15 Million Loan Commitment for Plastic Conversion Network Project in West Virginia
https://www.accesswire.com/894266/clean-visio...t-virginia
LOS ANGELES, CA / ACCESSWIRE / July 30, 2024 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company" is pleased to announce that, on July 26, 2024, the West Virginia Economic Development Authority ("WVEDA" issued, and Clean Vision accepted, an amended and restated commitment letter (the "Amended Letter" , providing Clean Vision with a $15 million high impact loan guarantee (the "WV Loan Guarantee" . Once the loan has been finalized and the funds provided for in the WV Loan Guarantee have been received, Clean Vision will deploy such funds for critical aspects of the recycling and processing facility project being conducted by its wholly owned subsidiary, Clean-Seas West Virginia, Inc. ("Clean-Seas West Virginia" , in Quincy, West Virginia (the "Project" . The Amended Letter amends and restates the previously announced commitment letter dated February 12, 2024 issued by WVEDA and accepted by Clean Vision on February 13, 2024 (the "Original Letter" .
Due to certain concerns the potential funding source had with the Original Letter, the Company worked with the WVEDA to secure the Amended Letter in order to move the Project and related financing with the WVEDA forward. Upon receipt of the funds provided for in the WV Loan Guarantee and the closing of the related loan agreement, the Company plans to rapidly accelerate the advancement of the Project, which we believe will be groundbreaking.
Current plans are to direct the funds towards critical aspects of the Project, including leasehold improvements, long lead-time equipment acquisitions, design and engineering, and pre-commissioning activities. We see these investments as pivotal in the development of the state-of-the-art facility, with the goal to position Clean-Seas West Virginia as a key player in sustainable practices within the plastic conversion industry.
Clean-Seas West Virginia currently anticipates the Project to commence operations in mid-2025, which aligns closely with our commitment to divert plastic from landfill and incineration.
"We are grateful to Governor Jim Justice, and the WVEDA for their support and vision in bringing this environmentally friendly, clean technology to the State of West Virginia," said Dan Bates, CEO of Clean Vision. "The WVEDA's loan guarantee is pivotal to moving our project in Quincy forward."
The terms of the $15 million WV Loan Guarantee and Amended Letter call for, among other things, the WVEDA to replace a potential bridge lender with a permanent 10-year, $15 million note at 7% interest upon the commissioning of the technology for the Project. The Amended Letter sets forth certain terms and conditions that must be satisfied in order for the funds provided for in the WV Loan Guarantee to be made available to the Company, including, but not limited to, the delivery of certain equipment to the Project and certification by an independent third-party architect or engineer certifying that all such equipment is operational.
Clean-Seas West Virginia's Project will convert plastic feedstock into clean, plastic pyrolysis oil, a valuable precursor for new, circular plastic products. The pyrolysis oil will be supplied to a major U.S. based Oil and Gas distributor, which we believe will strengthen our foothold in the renewable energy sector.
"This Project represents a significant milestone for Clean-Seas' Plastic Conversion Network, with our Quincy facility poised to lead the development of our currently planned projects in the United States, alongside our current operations in Morocco and India," stated John Yonce, president of Clean-Seas West Virginia. "We are thrilled to secure the Amended Letter, we believe our continued support from the WVEDA is a testament to the Project's adherence to regulatory standards, environmental sustainability, and the generation of clean, well-paying jobs.
https://www.accesswire.com/894266/clean-visio...t-virginia
LOS ANGELES, CA / ACCESSWIRE / July 30, 2024 / Clean Vision Corporation (OTCQB:CLNV) ("Clean Vision" or the "Company" is pleased to announce that, on July 26, 2024, the West Virginia Economic Development Authority ("WVEDA" issued, and Clean Vision accepted, an amended and restated commitment letter (the "Amended Letter" , providing Clean Vision with a $15 million high impact loan guarantee (the "WV Loan Guarantee" . Once the loan has been finalized and the funds provided for in the WV Loan Guarantee have been received, Clean Vision will deploy such funds for critical aspects of the recycling and processing facility project being conducted by its wholly owned subsidiary, Clean-Seas West Virginia, Inc. ("Clean-Seas West Virginia" , in Quincy, West Virginia (the "Project" . The Amended Letter amends and restates the previously announced commitment letter dated February 12, 2024 issued by WVEDA and accepted by Clean Vision on February 13, 2024 (the "Original Letter" .
Due to certain concerns the potential funding source had with the Original Letter, the Company worked with the WVEDA to secure the Amended Letter in order to move the Project and related financing with the WVEDA forward. Upon receipt of the funds provided for in the WV Loan Guarantee and the closing of the related loan agreement, the Company plans to rapidly accelerate the advancement of the Project, which we believe will be groundbreaking.
Current plans are to direct the funds towards critical aspects of the Project, including leasehold improvements, long lead-time equipment acquisitions, design and engineering, and pre-commissioning activities. We see these investments as pivotal in the development of the state-of-the-art facility, with the goal to position Clean-Seas West Virginia as a key player in sustainable practices within the plastic conversion industry.
Clean-Seas West Virginia currently anticipates the Project to commence operations in mid-2025, which aligns closely with our commitment to divert plastic from landfill and incineration.
"We are grateful to Governor Jim Justice, and the WVEDA for their support and vision in bringing this environmentally friendly, clean technology to the State of West Virginia," said Dan Bates, CEO of Clean Vision. "The WVEDA's loan guarantee is pivotal to moving our project in Quincy forward."
The terms of the $15 million WV Loan Guarantee and Amended Letter call for, among other things, the WVEDA to replace a potential bridge lender with a permanent 10-year, $15 million note at 7% interest upon the commissioning of the technology for the Project. The Amended Letter sets forth certain terms and conditions that must be satisfied in order for the funds provided for in the WV Loan Guarantee to be made available to the Company, including, but not limited to, the delivery of certain equipment to the Project and certification by an independent third-party architect or engineer certifying that all such equipment is operational.
Clean-Seas West Virginia's Project will convert plastic feedstock into clean, plastic pyrolysis oil, a valuable precursor for new, circular plastic products. The pyrolysis oil will be supplied to a major U.S. based Oil and Gas distributor, which we believe will strengthen our foothold in the renewable energy sector.
"This Project represents a significant milestone for Clean-Seas' Plastic Conversion Network, with our Quincy facility poised to lead the development of our currently planned projects in the United States, alongside our current operations in Morocco and India," stated John Yonce, president of Clean-Seas West Virginia. "We are thrilled to secure the Amended Letter, we believe our continued support from the WVEDA is a testament to the Project's adherence to regulatory standards, environmental sustainability, and the generation of clean, well-paying jobs.
