EIGHT MILE PLAINS, Queensland—The Motor Traders Association of Queensland has become an investor in Australian tire recycler Green Distillation Technologies Corp., according to a dual press release.
The MTAQ's investment in Green Distillation reflects the ongoing concern of its members in finding innovative technologies for the recycling of end-of-life tires, said MTAQ Group CEO Brett Dale.
"This investment exemplifies how seriously we take waste management in our sector," Dale said. "(It) is a responsible move as an industry leader and a very exciting investment opportunity."
The MTAQ represents about 15,500 automotive value chain businesses in Queensland, including retailers, repairers and service providers, according to the release. MTAQ members employ more than 90,000 people and generate more than $20 billion annually, it said.
Green Distillation has a proprietary technology that breaks scrap tires down to their component oil, carbon and steel, according to company publicity.
Currently, Green Distillation seeks to raise $30 million to fund the completion of its processing facility in Warren, New South Wales and build a plant in Toowoomba, Queensland, according to Chief Operating Officer Trevor Bayley.
The company also plans to undertake preliminary work on its first U.S. plant, part of a $100 million agreement to build 10 plants in the U.S., Bayley said.