EQS-News Pyrum and Polyfuels sign letter of intent to jointly build and operate four pyrolysis plants
EQS-News: Pyrum Innovations AG / Key word(s): Letter of Intent/Joint Venture
Pyrum and Polyfuels sign letter of intent to jointly build and operate four pyrolysis plants
- Letter of intent provides for the construction and operation of four pyrolysis plants in Norway, Sweden, Finland and Estonia
- Each plant is to consist of at least three pyrolysis reactors with a capacity of about 20,000 tonnes of end-of-life tyres per year
- Establishment of a joint venture planned within the next 12 months
Dillingen / Saar, 24 January 2023 - Pyrum Innovations AG (“Pyrum”), a pioneer in the sustainable recycling of end-of-life tyres (ELT) based on its patented pyrolysis technology, and Polyfuels Group AB intend to jointly build and operate four pyrolysis plants as part of a joint venture. Both companies have agreed on this in a letter of intent (LOI). The plants will be based on Pyrum technology and will be realised by Circular Tires AS, a wholly owned subsidiary of Polyfuels. Polyfuels Group AB is engaged in the collection and recycling of plastics, mixed plastics – both from industry and consumers - and chemical recycling projects with industrial partners.
According to the LOI, a total of up to four pyrolysis plants for recycling waste tyres are to be built in Norway, Sweden, Finland and Estonia by 2030. Pyrum and Polyfuels plan to contractually fix the construction of the plants within the next twelve months. Pyrum will support its partner in all phases of the project, from the planning and construction of the plants to the basic process design and possible distribution channels for the raw materials and products. In addition, it was agreed that Pyrum will participate in the joint investment and receive compensation for its support in the planning process.