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.
Apparel/Garments | On 21st Feb 2017
Chinese e-commerce giant Alibaba Group has made another move in its...
Textiles | On 21st Feb 2017
The Goods and Services Tax (GST) is likely to result in a reduction...
Poojaa Kumar Deepak
Zeven's performance sports apparel is designed for the Indian body type,...
‘RT3 motto is: Do not check millimetres, check colours.’
Online remains the best destination for shopping
InvestKonsult Sweden AB
Investkonsult Sweden AB has been buying and selling second-hand textile...
Technical Absorbents Ltd
Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...
Nature Works LLC
Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...
Hyderabad-based designer Prathyusha Garimella is known for blending...
She grew up in the walled city of Old Delhi, completed her studies, and...
Label Ritu Kumar
‘Classics will return’ "There are a lot of people wearing western clothes ...
Textiles | On 20th Feb 2017