The Motor Traders Association of Queensland (MTAQ) has invested in Green Distillation Technologies Corporation (GDTC), an Australian tire recycler that has recently discovered a process to turn scrap tires into high value oil, carbon and steel all while producing zero emissions.
During board deliberations MTAQ noted that with 24 million end-of-life tires coming off vehicles in Australia every year, the recycling corporations’ processes are a technological solution for reducing waste and landfill. MTAQ group CEO Dr Brett Dale said, “This investment exemplifies how seriously we take waste management in our sector. Taking the lead and investing in a global solution for end-of-life tires is a responsible move as an industry leader and a very exciting investment opportunity.”
Through GDTC’s recycling technology 100% of the tire is recycled and turned into reusable and resaleable products in the form of oil, carbon and steel. The company already has a contract in place with an Australia-based oil refinery, which is set to purchase all the oil that the new plants will produce, alongside a steel manufacturer that will buy the carbon.
The company is currently trying to raise US$30m to fund completion of the first processing facility, which will be in Warren, western New South Wales, along with another plant to be built in Toowoomba, Queensland. GDTC will also use the investment to begin preliminary work on the first of 10 recycling facilities in the USA, where a US$100m agreement has been made if the plant conforms to design specifications. Another five plants are planned for Australia and a further five in South Africa.
GDTC COO Trevor Bayley said, “What we have achieved so far is a world breakthrough and we believe that in time our technology will eventually become the preferred means of recycling tires throughout the world, and when we look back we will be mindful of the foresight of our investors, who shared this vision.”