Higher sales & net loss for Pyrum Innovations in 2023

Pyrolysis-based recycling specialist Pyrum Innovations AG (Pyrum) has released its annual and consolidated financial statements for the 2023 financial year, along with an update on the company’s progress in supply of recovered end-of-life tyre products to the tyre industry.

The Germany-based firm generated a total output of €12.8 million, a decrease of €6.3 million compared to the previous year (2022: €19.1 million), representing a 33 per cent decrease. This decline was primarily due to a reduction in own work capitalised and lower than expected production volumes of recovered carbon black (rCB). Own work capitalised amounted to €11.7 million (2022: €17.8 million), a decrease of 34 per cent, as the plant expansion in Dillingen progressed according to plan.

Sales slightly increased to €1.1 million (2022: €1.0 million). Despite sales prices exceeding €900 per tonne, sales from the produced rCB fell short of expectations due to throughput limitations within the grinding and pelleting plant, which is currently restricted to an hourly maximum of 350 kg. To address this, Pyrum has ordered a second grinding and pelleting plant, with the first parts expected to arrive this month. Commissioning of the new plant is scheduled for the end of 2024, which is anticipated to significantly increase production capacity and sales.

The consolidated net loss for the year was €-9.5 million (2022: €-7.8 million), representing a 22 per cent increase in net loss.

An eventful year

“Another eventful year lies behind us, in which we achieved many of our goals, partially realised others, though some things proved impossible to achieve as planned,” states Pascal Klein, chief executive officer of Pyrum Innovations AG. “The construction of our two new lines in Dillingen and the successful search for a second site for Pyrum’s own plant in Perl-Besch in Saarland are certainly highlights. The warm commissioning of lines 2 and 3 in Dillingen is currently underway and we have already produced the first thermolysis oil from line 2 and delivered it to BASF. We have already ordered the three new reactors for the plant in Perl-Besch and want to start the first earthworks and foundation work this summer.

“We now have a total of eight projects in various phases in the pipeline, which we want to get over the finishing line in the next three years,” adds Klein. “This means that the current year will also be an extremely exciting one for our company history and we are extremely confident about the coming months and years.”

Tyre maker supply & approval

The first rCB deliveries from Pyrum to Continental and Ralf Bohle GmbH (Schwalbe brand) took place in the 2023 financial year. Since mid-2023, Continental has been manufacturing all solid tyres at its Korbach plant in Germany using Pyrum’s rCB. Pirelli and Hankook have also approved Pyrum as a supplier.