Ecolomondo has amended its loan from a federal agency that it used to build its new Hawkesbury plant.
Ecolomondo is specializing in the commercialization of its Thermal Decomposition Process proprietary recycling technology and the global deployment of TDP turnkey facilities.
The original loan from Export Development Canada (EDC) was for an amount of $32.1 million and was executed on April 3, 2019 to finance the construction of the company’s first of its kind new turnkey thermal decomposition facility that will process end-of-life tires to produce reusable resources.
The Amending Agreement allows for the postponement of principal and interest payments to September 29, 2023 as the Company continues to work through the final steps to bring the new Hawkesbury TDP facility to commercial operations.
The Hawkesbury TDP facility on Tessier Street initially started testing of its thermal equipment in January 2023 with an initial payload of 1,600 lbs and gradually increased to reach the optimal payload goal of 15,000 lbs per production cycle of each reactor. During this time, the Company’s technical teams continued their work to improve efficiency and ensure the safety of the TDP process and the plant.
The Hawkesbury TDP facility is now capable of processing industrial quantities of end-of-life tires and from them produce industrial quantities of sustainable oil, gas and recovered carbon black.
“This Amending Agreement confirms EDC’s continued support of the Hawkesbury TDP turnkey plant and of Ecolomondo, an innovative Canadian cleantech,” said Ecolomondo Chair and CEO Eliot Sorella.
The Hawkesbury facility building is 46,200 square feet. It is state-of-the-art and houses 4 main production departments, tire shredding, thermal decomposition, recycled carbon black refining and oil fractionation. Once fully operational, this facility is expected to process a minimum of 14,000 metric tonnes of tire waste per year and produce 5,300 metric tonnes of recovered carbon black, 42,700 barrels of oil, 1,800 metric tonnes of steel, 1,600 metric tonnes of process gas and 850 metric tonnes of fiber.