Date: September 16, 2009
Source: Envion Inc.
Washington-based Envion Inc. recently unveiled its technology that converts waste plastics into synthetic oil. The company calls its "Envion Oil Generator" the first of its kind and says it is capable of converting 10,000 tons of waste plastic per year into high quality synthetic oil for less than $10 per barrel, at a time when crude oil sells for close to $70 a barrel. "We're creating immediate answers to today's environmental concerns," said Michael Han, the firm's chairman and chief executive. "This is an answer to environmentalists who don't want a landfill in their back yard."
The technology works by melting plastic in an oxygen-starved environment to separate the hydrocarbons for conversion to oil from everything else which is rendered into a nonhazardous ash byproduct. Envion uses a "far-infrared ray" technology which it claims to yield more fuel than competitors' processes and handle any type of plastic. One ton can be converted into three to six barrels of fuel, depending on the type of plastic. The 10,000-ton per year version is expected to cost from $6 million to $7 million to build.
Han, a former investment banker who worked for Lehman Brothers, has assembled a seasoned management team, including his uncle Myung Duck Ma, a Korean businessman who developed the technology about 15 years ago. Envion currently employs 46 people.
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Envion Unveils Revolutionary Renewable Energy Technology
First-Of-Its-Kind Plastic Waste to Oil Converter, Envion Oil Generator(TM)
Capable of Converting 10,000 Tons of Plastic Waste per Year into High Quality Synthetic Oil for Less than $10 per Barrel
Envion Inc. is leading the charge towards a green future with the introduction of a revolutionary plastic-to-oil conversion technology. The Envion Oil Generator(TM) (EOG) is a first-of-its-kind technology that converts any type of plastic waste into high quality, synthetic light medium oil for less than $10 per barrel.
Envion introduced its first market-ready commercial unit at a demonstration held at the Montgomery County Solid Waste Transfer Station in Derwood, Maryland today. Montgomery County Executive Isiah Leggett joined Envion Chairman and CEO Michael S. Han for a demonstration of the process.
"The Envion Oil Generator(TM) provides a revolutionary solution to the problem of plastic waste by transforming it from an environmental hazard into a sustainable, renewable energy source," said Han. "The market for our technology is vast, and it provides municipalities with a solution that cuts costs."
As a petroleum-based product, plastic contains a huge amount of stored energy that literally goes to waste with conventional disposal methods. Envion's innovative technology reclaims that energy and provides it in a form that is immediately commercially viable: oil.
Through Envion's proprietary technology, one ton of waste plastic can be converted into approximately four 42-gallon barrels of high quality, synthetic light to medium oil. This oil is a refined and 99% sediment free product that can be used to produce gasoline, diesel fuel, jet fuel and kerosene.
"About eight percent of world crude oil production is used to manufacture plastic," Han added. "The Envion Oil Generator(TM) uses a closed loop, catalyst-free system to take plastic and convert it back into oil safely, efficiently and economically."
Each individual unit can process up to 10,000 tons of plastic waste annually, generating as much as 50,000 barrels of oil. With full national deployment, the Envion Oil Generator(TM) could generate over 150,000,000 barrels of oil each year in the United States alone. Additionally, the EOG is capable of processing all types of plastic waste, thus reducing the time and cost of sorting plastic by type.
Envion's innovative approach provides a comprehensive solution that has the potential to remove plastic waste from landfills, freeing up the estimated 24% of capacity that plastic occupies in landfills. The United States produces approximately 50 million tons of plastic waste per year, the vast majority of which ends up taking up space in landfills. With the ability of a single EOG to eliminate 10,000 tons of plastic per year, at a cost of $17 per ton, the Envion Oil Generator is a cost effective alternative to the $70-$200 cost range of landfill disposal. Additionally, according to the EPA recycling programs process only 6.8% of plastic waste and are also not as cost effective, costing between $50 and $150 per ton of plastic recycled.
The Envion process uses a proprietary technology to convert plastic into energy without the need for fossil fuel combustion. The technology is cost effective because it requires only minimal energy input and is fully automated allowing the facility to operate with only two operators.
Envion is expected to have multiple EOGs in full operation within months, with orders coming in from the United States and Internationally. Envion's EOG is a shovel-ready, green technology that is sustainable and poised to reshape the renewable energy industry, offering a cost-effective solution for local municipalities to safely and efficiently manage their plastic waste.
"Given the shortage of sustainable plastic waste disposal alternatives, Envion is uniquely poised to capitalize on the substantial benefits of licensing its groundbreaking technology," continued Han. "Envion's products and services are specifically designed to be sustainable, renewable, and scalable with rapid delivery using cost-effective and efficient supply chains and applying just-in-time manufacturing to minimize inventories."
About Envion Inc.
Envion was founded by Michael S. Han in January of 2004, alongside a group of seasoned and highly regarded executives with extensive track records of success in the energy, technology, and finance industries, as well as the public sector.
Envion has developed and created a first-of-its-kind plastic waste to oil conversion platform and is actively manufacturing, marketing, and licensing its proven technology for the U.S. market, with potential international expansion. The Envion process of plastic waste reuse addresses a host of issues ranging from plastic waste management, the landfill capacity crisis, petroleum reserve depletion/fossil fuel conservation, greenhouse gas emissions, and overall reduction of the world's carbon footprint.
The senior management of Envion is actively engaged and invested in providing a comprehensive, commercially viable solution to a number of the greatest environmental and resource management challenges facing the world today. The Company's principal activities focus on production, as well as ongoing R&D dedicated to advancing the efficiency and range of applications of the Envion technology. More information can be found at www.envion.com.
For more information, contact:
Johanna Flattery, +1-917-699-4374, or
Karen Silberg, +1-212-981-5232, both of
Dan Klores Communications
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