AKRON, Ohio -- Polyflow and private-equity firm Ambassador Enterprises of Ft. Wayne, Ind., have agreed to create a new company, Renewable Energy Solutions by Polyflow, to commercialize Polyflow's energy recovery equipment and technology.
The new firm will be known as RES Polyflow and will remain headquartered in Akron with current Polyflow CEO Jay Schabel leading the effort.
"Our goal is to be the worldwide standard for profitable energy recovery from plastic waste," said Schabel. "With the addition of Ambassador Enterprises as our strategic partner, RES Polyflow will produce and demonstrate our continuous feed waste to energy recovery system."
The patented process and proprietary equipment developed by RES Polyflow converts mixed and unwashed plastic waste, tires and carpet into a spectrum of energy products ranging from transportation fuels, octane enhancers and chemical intermediates used in the production of new plastic and rubber.
RES Polyflow's will focus 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. In addition to implementing the technology in North America, opportunities to export RES Polyflow's locally produced process equipment to Europe, China, India and Australia are being explored with strategic partners.