Ecoslops

First sales contract, close to 5M€, signed with Valtech Energy in Cameroon for the Mini P2R, which becomes the “Scarabox”

 

Paris, March 16th, 2021

Ecoslops is pleased to announce the signature of a first sales contract for its Mini P2R (“Scarabox”), a containerized unit for upcycling used lube oil and oil residues.

Following the signature of a letter of intent on June 24th, 2020, this contract was signed with the Cameroonian company Valtech Energy, which belongs to the SCIN group (with over 400 employees in the construction, transport, and environment sectors) and headed by Ismaël NJoya, an established Cameroonian entrepreneur. In 2020, Valtech Energy successfully opened a MARPOL maritime oil waste reception facility in the Kribi port area, Cameroon’s new deep-water port inaugurated in 2019. Valtech Energy sees the opportunity to improve its waste treatment capacity and intensify its production of energy products, thanks to Ecoslops’ circular economy solution, as a logical development.

The contract value, close to 5 million euros, comprises turnkey equipment (For 4 million euros, billable in 2021) and an operating license provided with eight years of technical support by Ecoslops (billed annually).

Delivery of the unit is anticipated in October 2021, with a start before the end of the year. This is subject to setting up financing arrangements with the SCIN group’s long-standing banks, which have shown a keen interest in the project.

Cameroon generates some 70,000 tons of used oils per year (trucks, buses, automobiles, etc.) and imports fossil energy products, particularly fuel oil for its industrial activity. This unit will provide a genuine outlet for hazardous and polluting waste, while also supplying manufacturers with energy products (same quality as those imported, but this time made in Cameroon). With production capacity nearing 7,000 tons per year - 10% of the market - other subsequent developments in this same market can be envisaged.

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This first contract also provides an opportunity for Ecoslops to officially name its latest innovation the “Scarabox”

The scarab beetle plays a key ecological role in recycling nature’s less noble materials, making the most of what is given to it to survive, finding use for everything and losing nothing. Inspired by Egypt’s sacred scarab beetle, symbol of resurrection, transformation, rebirth, and eternal life, Scarabox aims to reflect a technology that is both circular and sustainable, available in a containerized, turnkey format.