Ecolomondo Secures $2 Million Credit Facility to Boost Tire Recycling
Montreal, QC -- February 3, 2025 -- NewsGenie -- Ecolomondo Corporation (TSXV: ECM) (OTCQB: ECLMF), a scrap tire recycling technology innovator, finalized a $2 million credit facility with Export Development Canada (EDC). The funds will go to its subsidiary, Ecolomondo Environmental (Hawkesbury) Inc., owner of the Hawkesbury plant, to purchase, install, and commission new milling equipment, which should ramp up all departments to full production.
The credit facility requires a $500,000 cash injection by the Parent Company, already paid in November 2024.
"We thank EDC for their support. This credit facility should allow the Hawkesbury plant to complete the installation of the new milling equipment. Its commissioning should enable all departments to achieve their full production potential," said Jean-François Labbé, Interim CEO.
The Hawkesbury facility will serve as a technological showpiece, demonstrating the commercial viability of TDP turnkey facilities. It will be used for operator training, TDP by-product marketing, and attracting partners and investors.
Ecolomondo's proprietary Thermal Decomposition technology (TDP) recovers valuable commodities from scrap tires, including rCB, oil, syngas, fiber, and steel. The company aims to be a leader in the cleantech space and contribute to the circular economy.
The Hawkesbury plant, once fully operational, is expected to process over 1.5 million scrap tires annually, producing 4,500 MT of recovered carbon black and 5,400 MT of oil.
Ecolomondo is also developing the Shamrock project, projected to process 5 million tires per year, yielding approximately 15,000 MT of recovered carbon black and 18,000 MT of oil. Construction is expected to begin in Q3 2025, costing approximately US$93 million.
Ecolomondo's mission is to contribute to a Circular Economy and increase shareholder value by supplying recovered resources. Their vision is to become a leading producer of recovered resources through strategically located TDP facilities.
The company has received International Sustainability and Carbon Certification (ISCC) for its Hawkesbury TDP facility.
The TDP process reduces GHG emissions by 90% versus virgin carbon black production. The Hawkesbury and Shamrock facilities are expected to reduce CO2 emissions by 15,000 and 45,000 tons per year, respectively.