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By Jeremy Golden
The dawn of a new industrial world is upon us as countries across the globe strive to create new sustainable strategies, reduce emissions and increase clean energy consumption, leading to significant market demand for clean technologies.
Pushing forward and staying on track will require massive deployment of clean energy technology, including renewables and energy-efficient construction. Compared to other parts of the economy, spending on renewable energy should be front-loaded between 2023 and 2030 to align with carbon budgets that keep global warming well below 2°C, experts say. Clean power has a vast influence as it supports the decarbonization of multiple sectors, such as manufacturing and transportation.
With a commitment to promoting circular economic principles, clean-tech company Sky Quarry, Inc. is ready to help meet these rising needs with its plans to divert waste, maximize resource efficiency and help create a system where materials can be reused, recycled or repurposed to keep them in circulation for as long as possible.
Sky Quarry’s Sustainable Solutions – Converting Waste To Energy
An oil production and refining company, Sky Quarry was formed to utilize technologies that facilitate the recycling of waste asphalt shingles (WAS) and remediation of oil-saturated soils by using its “Waste-to-Energy Solutions,” which convert toxic waste into sustainable oil. This recycling of finite materials decreases landfill waste and reduces harmful emissions in the process.
According to the EPA, about 15 million tons of recyclable asphalt shingle waste gets dumped into North American landfills annually, the equivalent of over 22 million barrels of oil per year. Rather than letting it go to waste, Sky Quarry’s closed-loop recycling process can recover both material and oil through the use of proprietary extraction technology. This process allows the reuse and recovery of these materials, including up to 95% of the asphalt bitumen, and helps create sustainable infrastructure products while reducing emissions and dependence on foreign oil or new sources of material.
Recycling one ton of waste asphalt shingles yields 800 pounds of aggregate granules, 100 pounds of fiberglass, 600 pounds of limestone powder and 1.5 to 2.0 barrels of oil (500 pounds). Oil can be processed into Liquid Asphalt Cement (asphaltic tack coat) and sold to the paving industry suppliers at about $140 a barrel, while recycled clean solids and oil can be sold to refineries at market spot prices or under fixed-term supply contracts.
Tapping Into The Carbon Credit Market
As of 2023, the global carbon market is a $398.4 billion industry growing at a CAGR of 29.4% through 2028, with companies willing to pour big money into renewable energy projects and purchase carbon credits to offset their emissions. Sky Quarry's business model allows the company to potentially earn a considerable amount of these carbon credits. This could lead to the contribution of millions, if not tens of millions, of dollars to the company’s bottom line as the carbon market matures.
Sky Quarry’s trajectory could place them as first-in-class in the renewable energy sector, where new investments skyrocketed to $358 billion in the first six months of 2023, according to a Bloomberg report. This marked a 22% rise compared to the start of last year and an all-time high for any six-month period.
In the U.S. and across Europe, the sector is experiencing growth. Last year, the European Union announced a new Renewables Energy Directive. The goal was to raise the percentage of renewable energy in the EU’s overall energy consumption to 42.5% by 2030, with each member expected to contribute to that target.
The global green technology and sustainability market is projected to reach $19.83 billion in 2024, with significant growth anticipated for the next decade as the market is expected to exhibit a CAGR of 19.7% over 2024-2032. Sky Quarry, which believes its business model is just as sustainable as its technology, is prepared to capitalize on this monumental shift.
Featured photo by OlgeRi on Shutterstock
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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