Nov. 20, 2012: GlyEco Closes on $3.4 Million in Funding for Glycol Recycling Expansion

PHOENIX — GlyEco Inc. announced that the company has closed on $3.4 million in funding to be used for strategic growth initiatives, including asset purchase of six glycol recyclers, initial plant expansion and upgrades, and Phase I implementation of its patent-pending GlyEco Technology™.

GlyEco said it is aggressively buying capacity to meet customer needs in an underserved market. The company stated that the use of its glycol recycling technology will improve product quality to meet ASTM Type 1 standards — indistinguishable from refinery grade materials. This technology will allow the company to offer waste glycol recycling services to additional industries, including HVACR. According to GlyEco, the majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste.

GlyEco noted that recycling waste glycols presents a solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery produced ethylene glycol is over 5.5 billion gallons per year and climbing. With proper handling, the company said glycols can be recycled and reused indefinitely.

For more information, visit www.glyeco.com.

Publication date: 11/19/2012

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

You must login or register in order to post a comment.

During this webinar, we will discuss what acidic condensate is, how it’s formed, and the damage it can cause if not properly treated—while hitting on the latest regulations that are driving the adoption of condensing technology.

On Demand Use the power of AI to your advantage to book more jobs and gain more operational efficiencies during busy season this year! See how an AI Employee can help you save time by qualifying every lead for you, automatically responding to incoming leads, and working overtime so you don’t have to.