Recycling firm Scandinavian Enviro Systems AB (Enviro) has completed a share issue worth 116 million Swedish Krone to Michelin. The issue is part of the letter of intent announced on 15 April 2020 and signals a “long-term strategic partnership between the two companies”.
Michelin is entering into a partnership with Swedish firm Scandinavian Enviro Systems (Enviro) to develop and industrialise on a large scale pyrolysis technology to recycle end of life tyres into raw materials. The two companies signed a shareholding subscription today that will see a subsidiary of the tyre maker, Michelin Ventures SAS, acquire a 20 per cent stake in Enviro.
The Research Institutes of Sweden (RISE) and Swedish oil company Nynas AB are launching a joint research project aimed at developing a process for refining the oil that is recovered from end-of-life tyres using Scandinavian Enviro Systems AB’s recycling method. Through refining, the oil can be used for more than fuel, which both increases the value of the recovered oil and reduces the environmental impact.
Scandinavian Enviro Systems (Enviro) is developing a public, international corporate bond to finance the company’s ownership of forthcoming recycling plants for end-of-life vehicle tyres. The work to develop the bond is being carried out in collaboration with the London-based financial adviser, Zenzic Partners.
Instead of just approving the use of its technology under license, Scandinavian Enviro Systems (Enviro) intends to introduce its technology worldwide by participating in joint ventures. To facilitate the setting up of such plants in the USA, Enviro’s board of directors has founded a holding company in that market.
After successful production tests, in late June Trelleborg Lanka (Pvt) Limited placed three initial orders for serial delivery of Scandinavian Enviro Systems’ EnviroCB recovered carbon black for use in its solid tyre production.
The deadlines set out in two of the memoranda of understandings signed between Scandinavian Enviro Systems (Enviro) and firms based in Denmark, the USA and Canada last year may have passed, yet Enviro says this “will not affect the outcome of the negotiations or the possibility of opening the various plants.” The Swedish company still expects to establish joint venture tyre recycling plants with all three partners in the not too distant future.
Scandinavian Enviro Systems has signed a HoA (Heads of Agreement) with the German company DHF Development to facilitate the establishment of one or more recycling plants in The Middle East together with Industrial Development and Renovation Organisation of Iran (IDRO). The agreement is valid for a period of three months. The deal was signed on 6 July 2018.