Rockwell Automation (NYSE: ROK) has won a $15 million engineering, procurement, construction and management contract from Vadxx Energy LLC for its first commercial-scale, plastic waste-to-synthetic crude energy facility in Akron, Ohio.
The new plant will transform end-of-life plastics into higher value energy products, recycling nearly 60 tons of waste daily, diverting it from landfill disposal. The solution includes the PlantPAx Process Automation System suite, utilizing Rockwell Automation’s multi-discipline control platform to deliver an integrated smart plant for Vadxx.
Liberation Capital, a global private equity firm, signed an agreement with Vadxx to fund the first unit and additional commercial units.
"Vadxx is focused on successfully establishing our first commercial unit as the important first step toward global expansion,” said Jim Garrett, Vadxx Energy CEO. “Liberation Capital, Rockwell Automation, feedstock suppliers, and other partners will play key roles in our growth and success.”"Our technology represents a unique and profitable way to decrease the amount of end-of-life plastics that are disposed in landfills and convert them to synthetic oil and gas," said Jeremy DeBenedictis, vice president operations, Vadxx Energy. "Rockwell Automation strengthens our technology by providing complete design, build and commissioning of our new plant. We'll have a process technology solution that will enable us to rapidly deploy our technology globally." “This win is significant for us because it demonstrates our sustained effort to become an industry leader in alternative energy solutions, helping to preserve the world's natural resources and promoting a cleaner environment," said Terry Gebert, vice president and general manager, Rockwell Automation Global Solutions. “Our team is helping Vadxx reduce risk, shorten its time to market, and expand to other global regions.” About Vadxx Vadxx is a high-tech recycling company that converts recyclable and non-recyclable plastic into higher value energy products. Vadxx's technology offers an approach that captures the energy embedded in plastics and returns it to a useful form for society, while realizing environmental and social benefits. This conversion process is a valuable alternative for overflowing landfills as well as reducing demand for foreign energy.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV