Ecolomondo Finalizes Agreement Amendment with Export Development Canada (EDC)

29 Sep, 2023

Ecolomondo Finalizes Agreement Amendment with Export Development Canada (EDC)

Ecolomondo, a pioneer in sustainable tire recycling technology, has successfully concluded an Amending Agreement with Export Development Canada (EDC), marking a pivotal development in the ongoing progress of the Hawkesbury thermal decomposition facility.

The original loan, amounting to $32.1 million in project financing, was executed on April 3, 2019, to fund the construction of Ecolomondo's groundbreaking turnkey thermal decomposition facility in the Town of Hawkesbury, Ontario. This innovative facility is designed to transform end-of-life tires into valuable, reusable resources, contributing to environmental sustainability.

The Amending Agreement represents a significant milestone, allowing for the deferral of principal and interest payments until October 31, 2023. This extension of financial terms reflects Ecolomondo's dedication to meticulously preparing the Hawkesbury TDP facility for full-scale commercial operations.

The journey towards realizing the potential of the Hawkesbury TDP facility began with thermal equipment testing in January 2023. Starting with an initial payload of 1,600 lbs, the facility's technical teams gradually optimized the process to achieve a remarkable payload goal of 15,000 lbs per production cycle for each reactor. Simultaneously, Ecolomondo's experts worked diligently to enhance operational efficiency and ensure the safety of the thermal decomposition process and the overall plant operations.

Today, the Hawkesbury TDP facility stands as a testament to Ecolomondo's commitment to sustainable tire recycling. It has attained the capacity to process substantial quantities of end-of-life tires and, from them, produce industrial quantities of sustainable oil, gas, and recovered carbon black, fostering a circular economy.

Eliot Sorella, Chairman and CEO of Ecolomondo, expressed his gratitude for the continued support from EDC, emphasizing Ecolomondo's dedication to pioneering innovative Canadian cleantech solutions. This Amending Agreement reaffirms EDC's ongoing commitment to Ecolomondo and the realization of the Hawkesbury TDP turnkey plant's potential as a significant player in sustainable tire recycling technology.