US based Tirex Corporation, which owns a patented technology for recycling tires called the TCS system will enter into a joint venture with Wyoming Corporate Headquarters (WCH) based in West Columbia for recycling scrap tires.
Canadian engineering firm, JECC will fabricate and install the TCS system at a gross expense of $7.5 million based on the financing it receives. This arrangement will enable Tirex to earn accrued commission and significant revenues since it holds 25% stake in the joint venture.
WCH is a major stake holder in Altgen which recently won a statewide license from the State of Tennessee under which it earned the right for the collection, storage and processing of rejected or spare tires at its leased facilities spanning an area of10, 000 sq.ft. For the purpose of recycling, the TCS-2 tire recycling system from Tirex has been chosen. This is the first such commercial installation for the system.
According to the CEO of WCH Brooks Stanton, the state of Tennessee alone generates 45,000 tons of scrap tires every year. The company is in the process of negotiating with each county to recycle spare tires. The fee for collection and recycling ranges from $50-$90 per ton which is received during collection. WCH provides consulting services to various smaller companies and also provides research and development services for renewable energy resources for its clients.