The Company plans to use funds from this round to accelerate growth and the rollout of its patent-pending GlyEco Technology, including:
- Capital equipment for facility upgrades
- Capital equipment to increase processing capacity
- Purchase of additional facilities
"This funding is a great vote of confidence in GlyEco's vision of shaping the glycol recycling market, as well as in the long-term potential of our company," stated John Lorenz, chairman and CEO of GlyEco. "We are well able to execute our plan for serious growth in this emerging industry."
"In about 12 months, the Company has achieved some major accomplishments. We have purchased and integrated seven recycling facilities and completed initial technology upgrades. We are able to cost-effectively produce Type 1 recycled glycol, and we have begun to expand services into untapped industries. We will continue to aggressively and carefully enact our plans to increase value for our shareholders."
GlyEco Technology improves recycled glycol quality to meet ASTM Type 1 standards – indistinguishable from refinery-grade glycol. This proprietary technology will allow GlyEco to expand its services beyond the used car antifreeze recycling market into four additional large industrial markets that create waste glycol, representing a multibillion-dollar market opportunity.
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery-grade glycols.
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