A manufacturing company. Not a waste company.
The distinction matters for Clark County's balance sheet, franchise posture, and long-term fiscal structure.
Carbotura builds, owns, and operates Advanced Circular Manufacturing (ACM) facilities under 30-year Circular Supply Agreements. The facility converts residual material streams — the MSW, biosolids, and organic fractions that currently require disposal — into synthetic graphite, graphene compounds, and recovered minerals using the MCR (Microwave Catalytic Reforming) process.
MCR is anoxic and oxygen-free. It is classified under manufacturing NAICS codes (Sector 31–33), not solid waste codes. The feedstock's balance sheet character inverts from an open-ended disposal liability to an income-producing instrument. The Beneficiation Fee (TMC Fee) replaces previously committed disposal spending. The Circular Royalty™, beginning 13 months later, returns more than was paid.
Clark County's total addressable waste stream is approximately 7,105 TPD — one of the largest single-jurisdiction volumes in the Carbotura portfolio. Phase Initial at 500 TPD represents approximately 7% of that addressable volume. Phase Expanded at 2,000 TPD covers approximately 28%. The CSA structure is designed to scale without renegotiation of commercial terms.
The Republic Services franchise agreement (1993) grants sole rate authority over Clark County's MSW collection and disposal. Under a Circular Supply Agreement, Carbotura operates as a manufacturing offtake counterparty — not a waste collector — leaving the existing franchise structure intact while establishing a parallel royalty return mechanism that operates independently of it.
Why this matters — what Carbotura is offering Clark County
Five structural facts that define the decision window for Clark County, Nevada.
Republic Services has held the Clark County MSW franchise since 1993 — sole rate authority over collection and disposal. The CSA structure operates independently of the franchise: Carbotura is a manufacturing offtake counterparty for a defined feedstock stream, not a replacement collection or disposal operator. The franchise structure and the CSA are not in conflict.
Clark County's waste generation reflects its population density and visitor economy. At 7,105 TPD total addressable volume, Phase Initial at 500 TPD is an entry point, not a ceiling. Phase Expanded at 2,000 TPD represents a material deployment. The CSA covers the addressable feedstock volume; phase expansion does not require renegotiating commercial terms.
The Republic Services franchise governs MSW collection and disposal rates under NV solid waste codes. ACM is classified under manufacturing NAICS codes (Sector 31–33) — not solid waste. The CSA is a manufacturing supply agreement, not a franchise or disposal contract. The two structures are non-overlapping.
At Phase Initial (500 TPD / 182,500 TPY), Year 2 royalty is approximately $21.9 million at $120 per ton against a Beneficiation Fee of approximately $18.7 million (escalated). Gross cost displacement is quantified separately from Circular Royalty™ cash flow per the Separate Transaction Principle.
The Apex Regional Landfill is the primary MSW disposal destination for Clark County. Legacy material accumulated over its operational life has been identified as a candidate for the Exogenesis™ Royalty — a structured dual-stream payment for legacy landfill remediation appended to the primary CSA. Subject to Waste Characterization Study and does not alter primary CSA terms.
The CSA locks the Beneficiation Fee with a predictable 2.5% annual escalator, establishes a structured royalty return stream, and runs for 30 years with perpetual continuation unless either party serves a 24-month Non-Renewal Notice. At Phase Expanded, the 30-year gross royalty stream is approximately $4.37 billion — a programme of institutional scale for a jurisdiction of Clark County's size.
Two paths for Clark County, Nevada
- Beneficiation Fee: $100/ton, 2.5% annual escalator
- Circular Royalty™: 120% of the current-year Beneficiation Fee, +1pp/yr escalator
- Royalty commencement: 13 months after corresponding Beneficiation Fee payment (rolling monthly)
- 30-year CSA term, perpetual continuation language
- 18-month Parent Performance Guarantee
- Regulatory Predicate Transition (RPT) required
- US GAAP/GASB accounting treatment
Where a qualifying legacy landfill has been identified, the CSA may include an Exogenesis™ Royalty structured as a separate dual-stream payment for legacy material remediation. For Clark County, the Apex Regional Landfill has been identified as a candidate qualifying site.
Legacy material accumulated at Apex over its operational life may qualify for a structured Exogenesis™ Royalty stream under a separate agreement appended to the primary CSA. This option is conditional on confirmed feedstock characterisation and does not alter the primary CSA commercial terms.
Subject to Waste Characterization StudyKey figures at a glance
Planning-basis estimates at Phase Initial. Phase Expanded figures in the scale table below. ESTIMATED figures subject to site-specific verification.
vs. $61.14/ton current FWDC
+1 pp/yr escalator thereafter
Clark County-based
Gross cost displacement quantified separately from Circular Royalty™ cash flow per the Separate Transaction Principle. At steady state, the Circular Royalty™ is designed to exceed the Beneficiation Fee on a per-ton basis. ESTIMATED
Employment and economic contribution
Phase Initial (500 TPD)
Phase Medium (1,000 TPD)
Phase Expanded (2,000 TPD)
Circular Royalty™ projections across deployment configurations
Gross Circular Royalty™ and Beneficiation Fee shown independently per the Separate Transaction Principle.
| Capacity | Annual TPY | Beneficiation Fee · Year 1 | Circular Royalty™ · Year 2 | 30-Year Gross Royalty | Direct FTE |
|---|---|---|---|---|---|
| 200 TPD | 73,000 | $7.30M | $8.76M | ~$437M ESTIMATED | ~50 |
| 500 TPD ← Clark Phase Initial | 182,500 | $18.25M | $21.90M | ~$1,092M ESTIMATED | ~125 |
| 1,000 TPD | 365,000 | $36.50M | $43.80M | ~$2.18B ESTIMATED | ~250 |
| 2,000 TPD · Phase Expanded | 730,000 | $73.00M | $87.60M | ~$4.37B ESTIMATED | ~500 |
Circular Royalty™ (Year n) = (120% + (n−1)pp) × that year’s Beneficiation Fee. Royalty payments begin 13 months after corresponding Beneficiation Fee payments. At steady state, the Circular Royalty™ is designed to exceed the Beneficiation Fee on a per-ton basis.