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Progress continues at Ecolomondo site in Hawkesbury

Ecolomondo Corporation reports that construction is progressing at its new, Thermal Decomposition (TDP) turnkey facility that is being built at the east end of Tessier Street in Hawkesbury.

Progress is proceeding according to plan and on budget with commissioning scheduled to begin in the fourth quarter of 2020.

The building and all on-site supporting slabs and pavilions are nearing completion. Equipment deliveries have begun and will ramp up in the coming weeks. Installation of the carbon black line has already begun with installation of the remaining equipment to progressively follow.

“When I was first introduced to this technology, I did not quite realize how amazing it actually is. To see this plant being built from the ground up is very satisfying. It is incredible to witness the progress on a daily basis”, said Ecolomondo Chairman and CEO, Eliot Sorella.

Management now estimates that the direct costs to build the Hawkesbury TDP turnkey facility, including all equipment, land, building and soft costs, at approximately $37.6 million, of which approximately $32.1 million is expected to come from the proceeds of the project financing loan from EDC and the balance of approximately $5.5 million from the company, which the company has already contributed entirely.

As of August 31, 2020, capital expenditures totalled approximately $24,162,518 and are essentially for site purchase, engineering, site preparation, building construction, labor, permitting and equipment purchases.

Management expects to use the Hawkesbury facility as the technological showcase of a TDP turnkey facility in commercial operations, an important step in the company’s marketing and future global growth strategy.

Impact of the COVID-19 Pandemic

The company has taken and will continue to take all necessary actions needed to reduce the impact of the crisis created by the coronavirus. The company expects that the milestone to complete the plant under construction in Hawkesbury, Ontario, could be materially impacted by the current situation. It is to note that presently, it is impossible to determine with certitude the long-term consequences and financial implications if the current situation persists.

 

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