Clean-Seas Initiates $340 Million Green Bond Issue for Expansion
Key Ideas
  • Clean-Seas is raising a $340 million green bond to fund the expansion of its technology that converts hard-to-recycle plastics into clean fuels, including hydrogen.
  • The company's pyrolysis technology aims to address the global challenge of waste plastics, with plans to treat 6,600 tonnes of waste in 2024, scaling up to 1.5 million tonnes by 2030.
  • Revenue streams for Clean-Seas include selling plastic pyrolysis oil, green hydrogen, carbon credits, and char residue, as well as charging fees for accepting plastic waste from various entities.
  • Clean-Seas' approach focuses on environmental sustainability by reusing combustible gases, reducing carbon emissions, and exploring revenue-generating opportunities in the green energy sector.
Clean-Seas, a company in Agadir, Morocco, is in discussions with investors to launch a $340 million green bond to support the expansion of their technology that converts hard-to-recycle plastics into clean fuels, including hydrogen. The company's plant currently processes 20 tonnes of waste plastic per day, with plans to increase this to 120 tonnes by 2024. The green impact bond, with a 7-8% annual coupon, aims to attract European institutional investors and sovereign wealth funds. Clean-Seas aims to treat 6,600 tonnes of waste in 2024, scaling up to 1.5 million tonnes by 2030, contributing to the global effort of addressing waste plastics. The company's pyrolysis technology helps in converting materials that are hard to recycle, reducing the amount of plastic waste that ends up in landfills or incinerators. Clean-Seas plans to generate revenue by selling plastic pyrolysis oil, green hydrogen, carbon credits, char residue, and by charging fees for waste disposal. By reusing combustible gases and focusing on environmental sustainability, Clean-Seas aims to make a positive impact in the green energy sector.
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