GARB, ACG Consulting forms JV to build of 7 E-waste plants in U.S.
Garb Oil & Power Corp. and ACG Consulting LLC have formed Xanthus LLC, which will act as the co-coordinating company for the joint venture managing and co-coordinating the growth and development of the 7 plants throughout the United States.
The company will manage and co-ordinate the building of 7 E-Waste recycling facilities within the next 3 years. The JV will be funded through USCIS designated regional centers under the EB-5 Pilot Program for each E-Waste recycling facility in accordance with our planned schedule.
Each E-Waste recycling facility is expected to cost as much as $15 million to build, depending on configuration and size of each recycling facility. Three E-Waste recycling facilities are planned for operation during the 2013 calendar year with four additional recycling facilities to come on line during the 2014 calendar year.
By end of 2015, the combined E-Waste recycling facilities are expected to contribute an estimated $85 million in revenues to the JV.
Xanthus LLC will be owned 51% by Garb, while ACG Consulting owns 49% stake, according to the release.
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