PHOENIX, Feb. 12, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") began its second phase of expansion at its New Jersey processing center to meeting increasing customer demand for its refinery-grade recycled glycol.
The upgrades currently underway will further expand the Company's waste glycol processing capacity and storage capabilities. Additional on-site storage enables GlyEco to increase its batch processing flexibility, which the company believes will lead to improved margins.
"We're thrilled with the increasing demand we're seeing from customers for our Type 1 compliant recycled glycol," state John Lorenz, chairman and CEO of GlyEco. "By quickly moving ahead with this next phase of upgrades, we're further establishing our leadership position in the industry. There are approximately 700 million gallons of waste glycols produced each year in the U.S. Increasing our processing capacity allows to take more market share more quickly, while the added storage capabilities will be a major profitability driver for the Company, leading to strong shareholder value improvements in the months and quarters ahead."
Mr. Lorenz added, "We began producing and selling our GlyEco Certified T1 product in commercial quantities during the fourth quarter of 2013. With the added benefit of independent third-party certification of the quality of our recycled product, which is indistinguishable from virgin-grade glycol, we've been able to ramp sales efforts substantially. The positive feedback we're receiving from our growing list of customers is highly encouraging as we seek to capitalize on what we estimate to be a $5 billion domestic market opportunity."
About GlyEco
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology™ has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery-grade glycols.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Our clients can treat glycols as a more sustainable resource, recycling and re-using waste glycols repeatedly. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for the environment, especially aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, while reducing their costs.
About Glycol Recycling
Recycling waste glycols presents an inventive solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery-produced ethylene glycol is over 5.5 billion gallons per year and climbing. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Special Note Concerning Forward-Looking Statements
This release contains statements that may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements regard the intent, belief, and expectations of the Company. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, they involve risks and uncertainties, and their results may differ materially.