Cal-Bay to build waste-tire-to-fuel facility.
Cal-Bay International Inc., Huntington Beach, Calif., has received significant funding and acquisition proposals for its waste-tire-to-fuel facility and energy project.
Cal-Bay previously announced that it had completed a series of studies and a business plan to develop the waste-tire-to-fuel facility for the production of fuel oil, gas and power produced from scrap tires.
The company also says that after several weeks of discussions, it has received a funding proposal of more than $20 million to build the first of several recycling facilities for the fuel and energy facility. The proposal includes an acquisition schedule for the controlling interest in Cal-Bay International.
Larson Coleman, president of Cal-Bay, says, "We have been in negotiations for several weeks with the investment group regarding this technologically advanced project. The proposal was a well-received confirmation of belief in the technology, which would significantly resolve a decade’s old problem of landfill issues for waste tires with the ability to now recycle tires into highly demanded commodities, such as fuel and energy.
“We have sighted three potential locations geographically located in multiple states along the U.S.-Mexico border, where over 7 million waste tires have been abandoned over the years and are still situated, for which this would be a great source of raw materials alongside a major environmental cleanup operation.
Coleman says the processing system also “is a solution for tire manufacturers whose substandard rejected tires during the manufacturing process can be securely removed from any possible use by U.S. consumers."
He adds, "The terms of the funding require an acquisition schedule for the controlling interest of Cal-Bay International, which if approved will be announced in the near future. What can be confirmed is the terms of the funding require the appointment of additional directors to the company's board of directors from the financial investment group.”
According to the company, initial projections show that upon completion of a single facility the processing 100 tons of raw material per day and daily annual revenues in the region of $17 million are attainable, with profits in excess of $10 million per year.