Green Distillation Technologies, an Australian Tire Recycling company that discovered a process that turns end-of-life tyres into high value oil, carbon and steel, announced it has received new investment from the Motor Traders Association of Queensland (MTAQ).
“This investment exemplifies how seriously we take waste management in our sector and by taking the lead and investing in a global solution for end of life tires, is a responsible move as an industry leader and a very exciting investment opportunity, MTAQ Group CEO Dr. Brett Dale said.”
The MTAQ represents some 15,500 employers in the retail, repair and service sectors of Queensland’s automotive/mobility industry, employing in excess of 90,000 people that generate more than $20 billion annually.
GDTC COO Trevor Bayley said that as part of their three month long due diligence, the MTAQ Directors and Executive visited the site of the first GDTC processing facility at Warren in Western, New South Wales to see for themselves how the technology works.
“We are in the process of a major fund raising exercise to raise $30 million to fund the completion of Warren to a fully operational unit, build a tire recycling plant in Toowoomba, Queensland, as well as undertake the preliminary work on the first plant in the United States where a $US100 million agreement is in place to build ten plants, provided the first conforms to design specifications.
“Our expansion plans then are for five more plants in Australia in Gladstone, Wagga, Geelong, Elisabeth and Collie, as well as five in South Africa where we have a $50 million agreement in place,” he said.
“Our Technical Director Denis Randall, who invented our process, has long advocated that ‘Resource Recovery’ is the key to successful recycling and we are pleased that an organisation like the MTAQ, with a history that goes back to 1929, shares our belief.
“What we have achieved so far is a world breakthrough and we believe that in time our technology will eventually become the preferred means of recycling tyres throughout the world and when we look back we will be mindful of the foresight of our investors who share this vision,” Trevor Bayley said.