Ocean Polymers Signs MoU With An Established Saudi Institution In Relation To Developing Land Based Recycling Solutions In Saudi Arabia
OCEAN POLYMERS SIGNS MOU WITH AN ESTABLISHED SAUDI INSTITUTION IN RELATION TO DEVELOPING LAND BASED RECYCLING SOLUTIONS IN SAUDI ARABIA
Slough, 30 August 2018 – The Board of Directors (the “Board” or “Directors”) of Ocean Polymers Limited (the “Company” or “Ocean Polymers”) wishes to announce that on 27 August 2018, the Company entered into a Memorandum of Understanding (“MOU”) with an undisclosed Saudi Arabian conglomerate (the “Parties”), which is a leading corporation within the Kingdom of Saudi Arabia (KSA) pursuant to which the Company intends to cooperate in the fields of new and renewable energy technologies such as, but not restricted to, waste-to-energy and efficient energy technologies.
This follows an earlier announcement released on 22 August 2018, in relation to Ocean Polymers signing a MOU with InEnTec Inc. to establish, develop and promote their existing award-winning Plasma Gasification, for both maritime and land-based applications.
“We are delighted to sign this MOU together with such a major Saudi Arabian entity and greatly appreciate the support offered by them not only in Saudi Arabia but across the Gulf Co-operation Countries. Ocean Polymers are continuing to build relationships with both investors, suppliers and end-users to accelerate the growth of our innovative solution globally,” said Mr Paul Rodger, Ocean Polymers’ Chief Executive Officer. “This is a testament to the confidence our stakeholders have in our technology partners and in us as a Company, our story and our vision. It is very exciting to see individuals and companies supporting our goal to be part of Saudi Arabia’s waste management future and that of the whole Middle East and North Africa region as a result.”
The Parties are committed to cooperate in the fields of new and renewable energy technologies such as, but not restricted to, waste-to-energy and efficient energy technologies within KSA and the Gulf Co-operation Council Countries (GCC) with the following (but not exclusive) goals;
- Sharing experience in national recycling and renewable energy policies.
- Identifying areas of mutual interest for cooperation for the development of new and renewable energy technologies, systems, sub-systems, devices, components, etc.
- Facilitating the identification of joint projects or partnerships.
- Facilitating the creation of joint commercial and non-commercial activities.
- Promoting, monitoring and evaluating cooperation activities in these fields.
- Work to cooperate in the waste to energy needs within the KSA
About Ocean Polymers
Ocean Polymers is an advanced recycling technology company which is leading the development of the circular economy. We are dedicated to regional projects with partner companies to recycle ocean and land-based plastic. We collect waste and process at the source to produce clean energy and valuable by-products. Ocean Polymers will create value in residual plastic waste on a global scale.
The team comprise of some of the UK’s leading experts in engineering, energy, waste management and commercial operations. Ocean Polymers technology, of which a similar methodology for waste processing is currently employed by both the U.S. Navy and U.S. Air Force, can be easily deployed to new and existing recycling facilities around the world.