Garb Oil & Power Corporation (GARB.OB) announced that it is in the final stages of forming a consortium of six companies to build 10 e-waste plants in the eastern part of the US.
The combined value of the projects is $135 million spread over the next 24 months.
Garb said it expects to finalize the agreement with all six companies by the end of this week. The names of the companies were not disclosed
The plants are expected to process 300,000 metric tons of e-waste per year. Commissioning of the plants will start in 1Q11 and continue into 1Q12.
John Rossi, Chairman and CEO, said Garb will take the leading role in the consortium with 51% of the shares.
The company’s mission statement affirms a belief that processing waste should be economically viable and
leave NoWaste™. Garb owns plants for Rubber Recycling, E-Waste and E-Scrap Recycling, Waste to Energy and OTR processing.
The United Nations Environment Programme (UNEP) released a report last month warning that developing nations are at risk from growing amounts of e-waste, if action is not taken to help them process the materials safely and cut down on waste imported from developed nations.
In February, HP (NYSE: HPQ) joined Dell (Nasdaq: DELL) in banning the export of electronic products at the end of their useful lives.
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These plants will generate large amounts of commingled E-Plastics. We have a plant in Salt Lake City Utah which separates these plastics into high grade pure plastic molding compounds. This high value recycling to near virgin plastic quality which can be used broadly. We think this approach may also be applicable for the large amounts of E waste plastics to come from these 10 plants. Contact us if interested – Ron Kobler – RPI 801 973 4774