Mencast Holdings and Salt Investments are collaborating to manage marine waste. The two companies, via their respective subsidiary units, will jointly collaborate in collecting, receiving, treating, and responsibly processing marine oily waste, slops and sludge generated by marine vessels.
The two partners believe they can create a synergistic and scalabale business by recovering oil for secondary use and thereby contribute to a cleaner environment.
Mencast was in the news recently after EDIS invested in the company via a three-year $3 million bond that can convert to shares at 14 cents each.
EDIS is eyeing the potential business Mencast can bring by making energy-efficient propellors.
"This strategic collaboration marks an important step forward in strengthening Singapore’s marine waste management ecosystem," says Glenndle Sim, CEO, Mencast Holdings.
"By combining Mencast’s licensed treatment and resource recovery capabilities with Salt Investments’ marine logistics and commercial network, we are establishing a fully integrated and scalable solution to meet the growing demand for compliant and sustainable marine waste services.
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"Beyond operational efficiencies, this collaboration supports the maritime industry’s transition towards higher environmental standards and circular resource recovery, where waste streams are effectively converted into usable fuel products," adds Sim.
Dennis Goh, CEO, Salt Investments calls this collaboration a "significant" milestone for his company.
"By combining our collection and logistics strengths with Mencast’s established marine waste treatment infrastructure, we are creating a comprehensive and commercially robust service offering that meets the rising sustainability and compliance demands of the global maritime industry.
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"We also look forward to expanding the downstream market for recycled fuel oil, contributing to circular-economy outcomes for our customers, and ultimately, good returns for our shareholders," he adds.
Salt Investments shares last traded at 0.3 cents before it was halted pending this announcement; Mencast Holdings shares closed at 11 cents on April 28, up 3.96%.
