A private equity firm based in Fort Wayne, Ind., has struck a deal with Polyflow LLC to form a new business that will commercialize the Akron company's system for turning mixed plastic and rubber waste into fuel and other useful chemicals.
The new company, RES Polyflow LLC, will remain in Akron, and Polyflow CEO Jay Schabel will be its CEO. The “RES” stands for Renewable Energy Solutions. The private equity firm, Ambassador Enterprises LLC, made a monetary investment in the new company, according to Tom Stone, a consultant for the firm. He would not say how much was invested.
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