TORONTO, BENGALURU Nov 26, 2024 –
Plastonix Inc., a Canada-based, plastics recycling technologies company, has announced signing a Memorandum of Understanding (MOU) with Bengaluru and New York co-headquartered technology and IT services company Vee Technologies to pursue a 50:50 joint venture to collaboratively develop a plastic waste recycling system in India using Plastonix’s patent pending technology.
Vee Technologies will select a site for its first facility – the Pilot Project. Using its in-house engineering team, Vee Technologies will design, build the pilot plant and outfit it with proprietary equipment and manufacturing. Vee Technologies will use this facility to optimize the commercial-scale efficacy of the technology for the Indian market and use this know-how to benefit the joint venture with Plastonix.
Once the goals of the Pilot have been attained, Plastonix and Vee Technologies will launch a new plastic recycling program for India with the goal to significantly reduce plastic waste in the region. Vee Technologies will integrate the Plastonix technology into every plastic waste recycling facility that it develops and operates as part of the joint venture.
India, like many other regions in the world, faces a growing plastic waste crisis. India formulated Plastic Waste Management Rules in 2016 to manage plastic waste nationally.
Plastonix has developed a simplified method for chemically recycling plastic and other petroleum derived materials that addresses many of the systemic barriers that have historically inhibited the recovery of discarded plastic, including hard-to-recycle varieties. Plastonix helps manufacturers and plastic recyclers create profitable new business models and improve on existing industrial processes by licensing and using its patent pending plastic recycling technology. With existing recycling methods, most plastics are not viable to recycle. The Plastonix technology transforms all plastic types – separately or together – into a new type of plastic material that can be repurposed into a durable good such as construction building material.
India’s plastic waste problem presents a significant opportunity for Plastonix and Vee Technologies to develop an entire plastic waste manufacturing sector in India by repurposing the non-recyclable plastics that are currently being incinerated, turned into roads, or converted into oils.
According to Roland Kielbasiewicz, CEO of Plastonix, “When we discussed our technology and business model with Vee Technologies, we all agreed India was a good fit for the Plastonix technology. And with their significant engineering strength, Vee Technologies is an exceptionally good fit for Plastonix. We look forward to working closely together with their team for the coming years.”
Chocko Valliappa, founder and CEO of Vee Technologies, commented: “The versatility and ubiquitous use of plastics in the modern world have made plastic waste disposal one of the major challenges requiring a solution. We are excited to partner with Plastonix Inc. to test and expand use of this technology by reformulating waste plastic into industrial fuel and construction aid.”
Plastonix is continually in search of new alliances to move forward with what we believe is an extremely attractive business opportunity and solution to the global plastic waste crisis. Plastonix welcomes inquiries for joint ventures, investors, and other alliances. For inquiries, visit the Plastonix website by clicking here.
Notes to the Editors
India produced nearly 9.46 million tons of plastic waste in 2023, according to the Central Pollution Control Board, a report in Fortune India quoted, with two-fifth of this being made up of single-use plastic. It is estimated that only eight per cent of plastic waste is being recycled. Another 10-12 percent of unrecyclable plastic is used to build roads, or as industrial fuel. The non-recycled plastic ends up in landfills and river and water bodies. Karnataka, Telangana and Tamil Nadu are the three major Plastic Waste generating states.
A recent study by Nature magazine indicates that by generating 9.3 million tons of plastic waste annually India is now the world’s largest contributor to plastic pollution, contributing to nearly one-fifth of the total global plastic waste.
About Vee Technologies
Bengaluru-New York headquartered Technology and IT Services firm Vee Technologies offers cutting-edge technology solutions that help improve financial outcomes for customers in healthcare, engineering, and AEC services space.
Vee’s software, analytics and strategic IT services clients are made up of over hundred hospitals, including six of the top 10 US hospitals, that deploy its proprietary platforms and tools.
The product engineering team at Vee Technologies works on Product Lifecycle Management (PLM) projects, that includes among others, designing a large percentage of Fire trucks in the USA.
Vee’s Architecture, Engineering & Construction (AEC) team works on BIM assignments– Architecture, Structures & MEP–for global clients, that include helping design many iconic buildings in the USA.
A global organisation dedicated to shaping the future of outsourcing, IAOP, lists Vee Technologies among the 2023 Global Outsourcing 100. Vee Technologies has been named as one of the ‘Top Healthcare Employers’ by Modern Healthcare’s Rankings 2020, 2021 and 2022.
About Plastonix Inc.
Plastonix is a global plastic repurposing company based in Toronto, Canada that works with organizations around the globe to find ways to solve the world’s plastic waste crisis. More specifically, it works collaboratively with institutions, industries, and other organizations to design custom-made solutions to lower expenses and/or create revenues by reclaiming and/or repurposing discarded petroleum-derived materials.
For inquiries or to learn more, please contact:
the Plastonix website at https://plastonix.com/