Green EnviroTech Holdings secured the first commitment and draw of $2.5 million on a $100 million lease and working capital credit facility from READS Leasing and Credit.

The company received the first draw of $2.5 million from this finance facility immediately and will deploy this capital to build the first line in its centralized carbon finishing plant in Ohio. GETH will utilize the remainder of the finance facility to build two GEN 1 end-of-life tire processing plants in the U.S. and undertake additional projects

Chris Bowers, CEO of GETH, said, “I am very pleased to announce that we have secured this significant project funding facility and agreed the first draw on the funds to construct the first of many processing lines in our centralized carbon finishing plant. This means that GETH we expect to generate revenues in Q4/17, a major milestone in the development of the company. The centralized carbon finishing plant will act as a ‘hub’ through which we will upgrade the reclaimed carbon black from our tire processing plants, the first of which will be built in 2017 using this finance facility. We are very grateful to Rod Kagy at MEAH Global who introduced us to Rich Woods at READS Leasing and Credit and who has been instrumental in advancing this funding to closing. Our interactions with Rich have been very productive and we look forward to enjoying a long term partnership as we strive to achieve our ambitious goals for the company.”

Rich Woods, managing director at READS Leasing and Credit, added, “I am pleased to be able to provide a funding facility that will kick start the growth of GETH in the U.S. and beyond. GETH has a compelling vision and a very experienced team who I believe will be able to capitalize on the exciting opportunity ahead. I would like to thank Rod for making the introductions and his hard work on the project, and I look forward to a long-lasting and successful partnership with GETH.”

READS Leasing and Credit works with various strategic partners in the sustainable technology space. GETH is a pioneer in sustainable development.