Upon completion of the deal, Byzen will cease operations as a digital holding company
Blockchain technology company Byzen Digital has signed a letter of intent (LOI) to merge with Clean-Seas, a provider of technology solutions that focuses on addressing the global waste plastic crisis.
Under terms of the LOI, Byzen intends to cease operations as a digital holding company while Clean-Seas will take over the Byzen operations.
The LOI will result in the creation of an integrated plastic recycling company, which will focus on the global waste plastic crisis.
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.”
Clean-Seas expects to use blockchain technology to provide data on all of its facilities in order to track the volume of recycled plastics and the output streams generated.
Clean-Seas to comply with United Nation’s SDG
The company said its operations will comply with the United Nation’s Sustainable Development Goals (SDG) for waste plastics, clean energy generation and social impact.
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.”
Clean-Seas, which has already teamed up with plastic recycling technology providers, intends to leverage its experience in the renewable energy sector to launch waste to energy facilities in nations to help address their waste plastic problems.
Clean-Seas is planning to commission its technologies by Q4 2020.