Waste Energy Corp., a waste-to-energy company, has closed the first tranche of $175,000 of a non-dilutive issuance of nonconvertible preferred shares financing of up to $750,000 to complete its first waste-to-energy conversion facility in Fayetteville, North Carolina.
The capital will be used to finalize the site's build-out. Pending completion of the site build-out, permitting, and compliance approvals, it is expected to be fully operational by June 1.
“The Fayetteville facility represents a major milestone in Waste Energy Corp.'s strategy to transform waste into profit by converting discarded plastic waste into clean, U.S.-produced fuel,” says Waste Energy CEO Scott Gallagher. “Expected to generate between $1.5 million and $5 million in revenue in its first full year of operation, this facility positions the company for strong financial growth while advancing its sustainable energy solutions.”
Gallagher adds that the funding marks a pivotal milestone in launching the company’s first waste-to-energy facility into full operation.
Waste Energy’s pyrolysis technology is designed to efficiently transform waste materials, specifically plastic and tires, into valuable energy sources by “diverting, converting and removing every piece of plastic it touches from the waste ecosystem.” By developing this first facility, the company is demonstrating the commercial viability of its technology and paving the way for future expansion.
The company continues to actively pursue additional partnerships and strategic investments to scale its operations and expand its impact in the waste-to-energy sector.
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