Working capital provided by RMG will pay for an option to acquire the property as well as to obtain permits and construction capital.
Pittsburgh, PA (PRWEB) September 30, 2012
Renewable Manufacturing Gateway, Inc. (RMG), a non-profit organization acting as the catalyst for regional job creation and economic development in the clean technology and renewable energy industries, has signed a Term Sheet with Mil Speck Re-Refining Oil Company LLC (Mil Speck) to provide a working capital for the development of Mil Speck’s motor oil re-refinery company.
Mil Speck will recycle used motor oil in an environmentally friendly manner in a new custom-designed plant that will have a capacity to re-refine 25 million gallons of used motor oil per year into vacuum gas oil, base neutral and asphalt flux. Mil Speck will utilize a state-of-the-art technology that has a proven industry record of producing the highest product quality and yielding the greatest economic return for re-refiners of motor oil.
After a technical study and transportation infrastructure considerations, Mil Speck has selected a site for its first re-refining plant in Pleasants County of West Virginia. Working capital provided by RMG will pay for an option to acquire the property as well as to obtain permits and construction capital.
The construction of Mil Speck’s re-refining plant will generate new business opportunities for supply chain companies in West Virginia, Southwestern Pennsylvania and Ohio. It will also create two hundred employment opportunities including construction and professional service jobs in the region where unemployment rates are above 8%. Once the re-refining plant is operational, it will provide 34 permanent job positions in terminal operation, material handling, processing, maintenance and administrative departments. Economics of Mil Speck’s re-refining business support well-paid, long-term jobs.
Mil Speck Re-Refining Oil Company (Mil Speck) is in the business of developing and operating used motor oil re-refining plants using environmentally friendly technology for distillation and hydro-treating of used motor oil back to basic oil.
Renewable Manufacturing Gateway (RMG) is a Pittsburgh-based non-profit organization whose mission is regional job creation in the clean technology, renewable and alternative energy industries. RMG advises companies in these industries with respect to project development, finance, capital markets strategies and introductions, business planning, commercialization, marketing, sales and strategic growth. For more information please visit http://www.renewmfg.org or contact Director of Development, Ieva Abolina iabolina(at)renewmfg(dot)org, phone (412) 567-1491.