PHOENIX, Dec. 12, 2013 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") received independent third-party lab verification that confirms the Company's ability to recycle waste glycol, a hazardous material, to refinery-grade glycol standards. GlyEco is the first company to produce commercial quantities of recycled glycol that meet ASTM E1177 Type EG-1 specifications.
ASTM International, formerly known as the American Society for Testing and Materials (ASTM), is a globally recognized leader in the development and delivery of international voluntary consensus standards. Today, some 12,000 ASTM standards are used around the world to improve product quality, enhance safety, facilitate market access and trade, and build consumer confidence. The ASTM E1177 Type EG-1 standard is the predominant quality measurement used in the chemicals industry to test the quality of glycols used in commercial products. The independent third-party testing was performed by a Certified A2LA facility.
"This is an industry game changer and a big step forward in the recycling industry," stated John d. Lorenz, chairman and CEO of GlyEco. "We believe glycols can be used as a more sustainable resource, with great benefits for businesses, our communities, and the environment."
Glycols are used in many industrial applications, including automotive antifreeze, polyester production, aircraft deicing fluids, HVAC fluids, and medical sterilization processes. In the U.S. alone, approximately 700 million gallons of waste glycol are produced each year, while 1.1 billion gallons of new glycols are used. At a current market price of about $4.70 per gallon, this represents a domestic market opportunity of $5.17 billion.
GlyEco is branding its Type EG-1 compliant product as GlyEco Certified T1 Recycled Glycol.
Mr. Lorenz continued, "We are very excited to have proof of what we have known for some time. GlyEco technology works; we can clean any waste glycol into a product that is indistinguishable from virgin-grade glycol. The Company is now producing and selling GlyEco Certified T1 product in commercial quantities, and the feedback from our customers is very positive."
About GlyEco
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology™ has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery-grade glycols.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Our clients can treat glycols as a more sustainable resource, recycling and re-using waste glycols repeatedly. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for the environment, especially aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, while reducing their costs.
About Glycol Recycling
Recycling waste glycols presents an inventive solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery-produced ethylene glycol is over 5.5 billion gallons per year and climbing. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Special Note Concerning Forward-Looking Statements
This release contains statements that may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements regard the intent, belief, and expectations of the Company. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, they involve risks and uncertainties, and their results may differ materially.