Publicly traded company Byzen Digital has signed a letter of intent to merge with plastic waste treatment solution provider Clean-Seas in order to combat waste plastic crisis.
Under this agreement, Clean-Seas will take over Byzen operations, allowing the combined company to focus on the global waste plastic crisis while Byzen will stop operating as a digital holding company.
Go deeper with GlobalData
Byzen Digital president Chris Percy said: “After meeting with Clean-Seas and understanding the scope of this global problem, and the company’s laser focus on how to address this growing crisis, it was clear to me that Clean-Seas has the right approach and established team to be successful and make a dramatic impact.
“This pending merger will not only be good for the Byzen shareholders, it will be a win for the planet and future generations.”
Established in 2019, Clean-Seas intend to address the global plastic waste issue on-land.
It collaborates with plastic recycling technology providers using experience in the renewable energy sector to set up waste to energy facilities.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company provides advanced technologies and has letters of intent for projects in the South Pacific, Asia and Africa.
Clean-Seas CEO Dan Bates said: “90% of the plastic waste in our oceans comes from just 10 rivers in the world.
“If we don’t tackle the problem of the waste that is generated on-land, we will never begin to clean up the problem that exists in the oceans; we must shut off the spigot.”
The company’s initial deployment is expected to be commissioned and operational during the fourth quarter of 2020.
