Blue Diamond Technologies, based in Winnipeg, Manitoba, Canada, and Insigma Technology Co. have formed a joint venture to build and operate up to 13 facilities in China to produce reusable crumb rubber, clean steel and fiber from used vehicle tires.
The joint venture, with initial funding of $8 million and exclusive rights for the use of Blue Diamond Technologies’ process in China, will complete incorporation during January, 2012. The first facility, to be located in Hangzhou, China, is expected to start operations by the fourth quarter of 2012.
Blue Diamond says once the first facility becomes operational, the joint venture partners anticipate the establishment of an additional 12 facilities in other industrial regions of China. ECO BDT is expected to provide turnkey construction on all the recycling projects in China. In total, the joint venture agreement may result in funding exceeding $100 million.
China will supplement the investments with a number of incentives.
Blue Diamond Technologies is providing the joint venture with a process of breaking down used tires into crumb rubber without need for harmful environmental emissions. The crumb rubber will replace virgin materials presently required by Chinese companies producing rubber and polymer products.
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