April 11, 2019 Updated 4/11/2019
Brightmark Energy LLC now has financing in place for a commercial scale plastics-to-fuel plant in Indiana.
The San Francisco-based company has closed on $260 million in financing, including $185 million in Indiana green bonds, to construct the facility in Ashley, Ind.
Brightmark is the controlling shareholder of RES Polyflow LLC, which developed a process to convert used plastics into transportation fuel and other products, the company said.
“The Ashley facility will be the first of its kind to take mixed waste single-use plastics and convert them into usable products at commercial scale,” Brightmark said in a statement.
The new location will convert mixed plastics into ultra-low sulfur diesel and naphtha blend stocks as well as commercial grade wax.
Initial planned capacity is 100,000 tons of mixed plastics.
“We are excited about the market’s confidence in the validity of this technology to economically convert single-use plastics for new uses,” said Bob Powell, CEO of Brightmark Energy and RES Polyflow. “This technology provides a strong incentive for diverting single use plastics away from oceans, waterways, communities and landfills by creating reusable value.”
Brightmark took a majority stake in RES Polyflow last fall.
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