Climax Global Energy Receives $200,000 Investment From SCRA's SC LaunchJune 3, 2008
SouthernCarolina Alliance Hosts Recognition Ceremony; Mayors Edward Stevenson and Moses Cohen to Address Guests
CHARLESTON, SC – May 30, 2008 – Fairfax, SC-based Climax Global Energy, a company that converts waste plastics, used oils and forestry-industry by-products into valuable synthetic crude oil, transportation fuels and industrial petrochemicals, will receive a “big check” in recognition of an investment from SCRA affiliate SC Launch today at the USC Salkehatchie campus in Allendale.
Climax Global Energy offers unique value in several ways. For its refinery customers, it offers quality refinery feedstocks at an attractive rate, while at the same time conserving crude oil. For waste suppliers like recycling agencies, it provides a new and economic market for disposing of non-recyclable waste which would otherwise need to be landfilled at a cost. For the community, the company helps solve the waste management problem by providing a beneficial use for large quantities of waste, while providing the general public with a renewable source of energy.
“Our technology has undergone extensive lab testing since 1998 and we offer this value in an energy-efficient, environmentally responsible and highly profitable manner,” said Climax Global Energy COO Thomas Pinto. “In fact, the light gases that are emitted during the production process will actually be used to power our production plants.”
The company is developing modular plants so that its technology can be located near the waste supply or refinery that would purchase the product. “We are grateful to SC Launch for their endorsement of our company. We’re making great strides in developing our technology and we look forward to commercialization with our first plant in South Carolina,” said Pinto.
“Climax Global Energy demonstrates how South Carolina is making headway with important alternative energy and sustainability initiatives,” said SCRA CEO Bill Mahoney. “The technology brought to market by Climax Global with assistance from SCRA’s affiliate SC Launch is another example of collaboration that advances the Knowledge Economy in the state,” he said.
The Climax Global Energy announcement follows a series of others by SC Launch. In recent months, more than 59 start-up initiatives across the state have received financial support from SC Launch. Other SC Launch portfolio companies include BoroScience International (Columbia), Sabal Medical (Charleston) and Vigilix (Greenville).
About Climax Global Energy
Headquartered in Allendale, Climax Global Energy is an early-stage alternative energy company with a unique, world-class, patented technology. The company is completing development of a process that will enable it to economically convert waste plastics, used oils and forestry-industry by-products into valuable synthetic crude oil, transportation fuels and industrial petrochemicals.
About SCRA (www.scra.org)
SCRA is a global leader in applied research and commercialization services with offices in Anderson, Charleston and Columbia. SCRA collaborates to advance technology. SCRA provides technology-based solutions with assured outcomes on behalf of industry, government, and research universities like Clemson University, the University of South Carolina and the Medical University of South Carolina.
About SC Launch (www.sclaunch.org)
SC Launch, an SCRA affiliate, assists entrepreneurial start-up companies with up-front counseling, seed-funding, and access to a powerful resource network. The SC Launch! mission is to help generate knowledge economy jobs in South Carolina, enhance the state’s quality of life and provide opportunity for all South Carolinians in the new economy.
About The SouthernCarolina Alliance (www.southerncarolina.org)
The SouthernCarolina Alliance (SCA) was formed as a non-profit economic development organization to aggressively market the Southern Carolina area for industrial locations. Our economic development team consists of site location professionals prepared to quickly assess site location needs and formulate sites and present existing buildings that will meet the client’s business needs. Working with the South Carolina Department of Commerce, the Alliance prepares incentive packages that are the most competitive offered in the Southeastern United States.