Gregory Stewart
Case Western Reserve University - Weatherhead School of Management
Chris Laszlo
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There are two main steps that go into the process of converting waste plastic into Ecofuels. The first step is the feeding and acceptance of non-hazardous and non-recyclable plastics. These plastics are sourced from nearby landfills that would otherwise pay to have the plastic dumped or shipped somewhere else.
The next step is the actual conversion of plastic to Ecofuels. Once the plastic has been accepted into the Vadxx plant it then starts the de-polymerization process. The plastic is heated indirectly until it melts and turns into a vapor which is then condensed back into liquid Ecofuels. The fuel is then transported from the plant to be sold to consumers or the wholesale market.
Jim Garrett, the CEO of Vadxx, said that the inspiration came from Bill Ullom, the CTO and Founder of Vadxx. “My partner Bill Ullom has a background in environmental consulting. We went in 50/50 about 7 years ago. Bill had been doing research on the side and when we met we said ‘let’s go’.” Bill leveraged research that was done by Amoco and BP in the 90’s and ran with it.
Jim’s inspiration stems from the community and support he has received over the years. Jim elaborates “I’m the luckiest man in the world and it’s a way to give back to the community and the people that have helped us along the way.”
Creating an economic incentive to recycle plastic could be revolutionary in how waste plastics are handled. There is enough plastic waste to fill the capacity of 1,500 Vadxx plants in the U.S. alone or over 6,000 plants worldwide. Not only will these plants reduce the amount of plastic pollution and provide jobs but they are also the missing piece in creating a circular supply chain for plastics.
Jim Garrett summed it up nicely, “We’re focused on recycling waste plastic and turning them into Ecofuels. Long term everyone will benefit. Excellent returns for shareholders. Team members will get jobs. Communities will see less waste as a whole.”
The proprietary technology that converts waste plastic in to Ecofuels is the core business model of Vadxx. They sell the technology to investors and other companies looking to make revenue off of the sale of Ecofuels of which Vadxx also receives a portion. “Vadxx is a small company that leverages relationships with larger companies. We want to have others build and operate [the plants] and then Vadxx takes a cut of the revenue. Vadxx will always operate a few plants but the primary business model is to sell the technology to larger companies and investors” said Jim Garrett.
It wasn’t easy getting the technology to where it is now. “The challenging part is making the economic numbers work. Nothing happens if the numbers don’t work” said Jim Garrett. By creating a technology where recycling plastic isn’t just good for the environment but good for your wallet as well, Vadxx stands to revolutionize the handling of plastic waste.
The primary goal of Vadxx is to make it economically viable for plastic to be converted back into fuel. Currently only 6.5% of plastics are actually recycled. Vadxx looks to reverse the trend to where we are pulling existing plastic out of landfills and the oceans.
Jim Garrett also wanted to recognize the help that he and his company have received over the years. “We have had an enormous amount of help from public and private partnerships. From the City of Cleveland and Akron, Case Western Reserve University, the University of Akron, to the State of Ohio and more. We hope to give back by cleaning environment and offering good jobs.”
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Jim Garrett, CEO
Vadxx is changing how waste plastic is handled by building technology that converts plastic to fuel.
According to a study conducted by Columbia University in 2012, “Americans discard about 33.6 million tons of plastic each year, but only 6.5% is recycled… The rest ends up in landfills where it may take up to 1,000 years to decompose.” Not only are plastics clogging up landfills but they are polluting the oceans as well. It is estimated by a group at UC Santa Barbara’s National Center for Ecological Analysis and Synthesis (NCEAS) that “every year, 8 million metric tons of plastic end up in our oceans.” Plastic pollution is so prevalent that it can be found in three of the U.N.’s 17 Sustainable Development Goals: responsible consumption and production, life below water, and life on land.
Massive plastic pollution has also presented unique business opportunities. Vadxx is a company based in Akron, OH that has developed a proprietary technology for converting waste plastic into Ecofuels which includes diesel and naphtha. Additionally there are no hazardous by-products produced from the de-polymerization process.