Ecolomondo announces over $32 million in financing for innovative used tire recycling technology
New facility to be equipped with the latest generation reactors capable of processing at least 14,000 tons of tire waste per year
Ecolomondo Environmental, a subsidiary of Quebec-based Ecolomondo Corporation has secured an amount of CAD 32.1 million in project financing from Export Development Canada (EDC) to build a new, first of its kind turnkey Thermal Decomposition (TDP) facility that will be located on Tessier Street in the Town of Hawkesbury, Ontario.
Ecolomondo expects to achieve financial close by the end of March 2019, with proceeds of the financing to be used for engineering, construction and commissioning of the company's new TDP turnkey facility. The facility will be equipped with 2 of the latest generation reactors capable of processing at least 14,000 tons of tire waste per year yielding 5,300 tons of recycled carbon black, 42,700 barrels of oil, 1,800 tons of steel and 1,600 tons of gas.
Management plans to break ground for the construction of the building in April 2019 and expects to begin commercial operations in the first quarter of 2020.
"The Hawkesbury turnkey facility will be one of the most technologically advanced thermal decomposition facilities in the world. It will be a technological showpiece that will demonstrate the commercial viability of our turnkey plants and that will set the stage for Ecolomondo's future expansion", said Elio Sorella, President and CEO, Ecolomondo.
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The Thermal Decomposition Process ("TDP") converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo's are expected to play an important role in resource recovery needed in today's circular economy.
Ecolomondo's first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.