AKRON (July 31, 2012)—A private equity firm based in Fort Wayne, Ind., has struck a deal with Polyflow L.L.C. to form a business that will commercialize the Akron company's system for turning mixed plastic and rubber waste into fuel and other useful chemicals.
The new company, RES Polyflow L.L.C., will remain in Akron, and Polyflow CEO Jay Schabel will be its CEO. The “RES” stands for Renewable Energy Solutions.
The private equity firm, Ambassador Enterprises L.L.C., made a monetary investment in the company, according to Tom Stone, a consultant for the firm, though he would not say how much was invested.
Ambassador Enterprises aims to help RES Polyflow scale up efforts to commercialize the technology. The private equity firm reviewed other waste-to-energy technologies and sees Polyflow's process as the most economically feasible, according to Stone.
Stone said other investors also are interested in the system.
“There seems to be a growing interest around the world in the technology,” he said.
The company said RES Polyflow is focused on establishing “independently operated energy recovery facilities as well as selling licensed equipment to energy park developers, recyclers, landfill operators and organizations managing large polymer waste streams.”