Fortress Transportation and Infrastructure Investors partners with Clean Planet Energy to develop waste plastic recycling and circular-fuel production facilities across North America
19 November 2021 - 10:55PM
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.
About Clean Planet EnergyClean
Planet Energy is a green-tech company headquartered in the UK.
Their ecoPlants are designed to process non-recyclable waste
plastics that would otherwise be destined for landfill,
incineration or leak into the oceans. The product of their
ecoPlants is an ultra-clean oil which can be used as fuel or
clean-Naphtha, reducing CO2e emissions by over 75% compared to
fossil fuels. Their current ecoPlant opportunities are based in the
UK, France, Philippines, Indonesia and now the USA & North
America. http://cleanplanetenergy.com
About Fortress Transportation and
Infrastructure Investors LLCFortress Transportation and
Infrastructure Investors LLC owns and acquires high quality
infrastructure and equipment that is essential for the
transportation of goods and people globally. FTAI targets assets
that, on a combined basis, generate strong and stable cash flows
with the potential for earnings growth and asset appreciation. FTAI
is externally managed by an affiliate of Fortress Investment Group
LLC, a leading, diversified global investment firm.
https://www.ftandi.com/
For further information, please contact:Alan
AndreiniInvestor RelationsFortress Transportation and
Infrastructure Investors LLC(212)
798-6128aandreini@fortress.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/daa05a30-485c-46d4-821e-70bcb075c143
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