The site in Cardiff Bay, South Wales had formerly been used by CRT tube manufacturer, Nippon Electric Glass, but has been abandoned for some time.
Recycled glass specialists Vitrium had wanted to take on the former industrial land to set up the UK's first commercial vitrification plant providing jobs for 120 workers from the outset and plans to expand operations to employ over 200.
The process proposed by Vitrium is favoured by environmental groups because of its ability to completely eliminate contamination and produce an environmentally safe glass product which can be made into building aggregate, cement and even tiles and kitchen surfaces.
But the site now looks set to be sold to a property developer, with the land used for housing and possibly warehouses with limited local employment.
Vitrium chief executive John Evans said: "This is a great disappointment. We have been in talks with NEG since the end of last year and we were hopeful of a positive outcome.
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Hope of glass jobs shattered
Plans to set up the textbook sustainable enterprise - creating 200 jobs converting contaminated waste into recycled glass on a brownfield site in a deprived area - look to have collapsed.