Plastonix -Vee Technologies to develop a plastic waste recycling system in Karnataka
Plastonix Inc., a Canada-based, plastics recycling technologies company, has announced signing a Memorandum of Understanding (MOU) with Bengaluru and New York co-headquartered technology and IT services company Vee Technologies to pursue a 50:50 joint venture to collaboratively develop a plastic waste recycling system in India using Plastonix’s patent-pending technology.
Vee Technologies will select a site for its first facility – the Pilot Project. Using its in-house engineering team, Vee Technologies will design, build the pilot plant and outfit it with proprietary equipment and manufacturing.
Vee Technologies will use this facility to optimize the commercial-scale efficacy of the technology for the Indian market and use this know-how to benefit the joint venture with Plastonix.
Once the goals of the pilot have been attained, Plastonix and Vee Technologies will launch a new plastic recycling program for India to significantly reduce plastic waste in the region.
Vee Technologies will integrate Plastonix technology into every plastic waste recycling facility that it develops and operates as part of the joint venture.
India, like many other regions in the world, faces a growing plastic waste crisis. India formulated Plastic Waste Management Rules in 2016 to manage plastic waste nationally.
Plastonix has developed a simplified method for chemically recycling plastic and other petroleum-derived materials that address many of the systemic barriers that have historically inhibited the recovery of discarded plastic, including hard-to-recycle varieties.
Plastonix helps manufacturers and plastic recyclers create profitable new business models and improve on existing industrial processes by licensing and using its patent-pending plastic recycling technology. With existing recycling methods, most plastics are not viable to recycle.
The Plastonix technology transforms all plastic types - separately or together - into a new type of plastic material that can be repurposed into a durable good such as construction building material.
India’s plastic waste problem presents a significant opportunity for Plastonix and Vee Technologies to advance an entire plastic waste manufacturing sector in India by repurposing the non-recyclable plastics that are currently being incinerated, turned into roads, or converted into oils.
According to Roland Kielbasiewicz, CEO of Plastonix, “When we discussed our technology and business model with Vee Technologies, we all agreed India was a good fit for the Plastonix technology. And with their significant engineering strength, Vee Technologies is an exceptionally good fit for Plastonix. We look forward to working closely together with their team for the coming years.”
Chocko Valliappa, founder and CEO of Vee Technologies, commented: “The versatility and ubiquitous use of plastics in the modern world have made plastic waste disposal one of the major challenges crying for a solution. We are excited to partner with Plastonix Inc. to test and expand use of this technology by reformulating waste plastic into industrial fuel and construction aid.”
Plastonix is continually in search of new alliances to move forward with what it believes is an extremely attractive business opportunity and solution to the global plastic waste crisis.
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