Greenstar signs MOU with Vadxx Energy

Houston, Texas, U.S.A.-based Greenstar Recycling has signed a memorandum of understanding to partner with Vadxx Energy LLC based in Cleveland, Ohio, U.S.A., to form a joint venture to produce synthetic crude oil from repurposed plastic. “Vadxx will help us recover plastics from the material stream and repurpose them as feedstock for the production of oil.  This joint venture will help us better serve our municipal customers by providing a more consistent market value for their plastics that are otherwise largely unmarketable. It will increase recovery rates by pulling more plastics out of landfills,” said Matt Delnick, chief executive officer of Greenstar. Using proprietary processes, Vadxx manufactures synthetic crude oil and natural gas by using raw material feedstock consisting of petroleum-based plastics in a process called thermal depolymerization. Greenstar and Vadxx expect that the JV will begin producing crude oil in mid-2012 with the target location for the project in Ohio. (June 25, 2011)