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Be the first with the news that moves the market- Ecolomondo Corporation (TSXV:ECM) has released it’s 2019 results
- The company signed a C$32.1 million loan with Export Development Canada to develop it’s Hawkesbury Thermal Decomposition Process (TDP) facility
- The Thermal Decomposition Process is the recycling technology company’s signature process, using tires as a feedstock to produce a host of useful products
- Once operational, the Hawkesbury site will process 14,000 tons of tire waste and produce 5,300 tons of black carbon, 42,700 barrels of oil, 1,800 tons of steel and 1,600 tonnes of gas
- Ecolomondo Corporation (ECM) is steady at $0.25 per share, with a market cap of $44 million
Ecolomondo Corporation (TSXV:ECM) secured a host of new deals in 2019, driving strong yearly financial results.
Ecolomondo is in the process of commercialising its waste-to-product flagship technology, the Thermal Decomposition Process (TDP).
The process will initially focus on facilities that use scrap tires as a feedstock. Scrap tires yield end products with a much higher carbon content and, subsequently, commercial value, especially recycled black carbon. Other derivative products produced from the tires include oil, natural gas and steel.
The company’s recovered black carbon, known as Mondo Black, has received international attention and the company has made considerable progress in securing markets for its end-products, produced by the Contrecouer and Hawkesbury TDP facilities.
Throughout the year, the company completed its project financing with Export Development Canada (EDC) to build the Hawkesbury TDP turnkey facility. Ecolomondo and EDC announced a loan agreement of C$32.1 million in project financing for the construction of the Hawkesbury facility on April 3, 2019.
Construction began on August 21, 2019, with financial closing of the agreement executed on December 23 and Ecolomondo immediately receiving its first payment of $5.5 million.
The company has been busy placing orders for long-lead equipment items such as reactors, recovered carbon black, flare, and shredding.
As of December 31, the company had committed a total of $5.68 million to the Hawkesbury Project, which represents its cash commitment to fund its equity portion, including its share of $375,00 to fund cost overruns of $2.5 million.
Hawkesbury is scheduled to begin construction by the end of the third quarter of 2020, and start up is scheduled for the following quarter. The facility will be used as a showpiece to sell the facilities to other internationally interested parties.
Once operational, the Hawkesbury site will process 14,000 tons of tire waste and produce 5,300 tons of black carbon This is on top of 42,700 barrels of oil, 1,800 tons of steel and 1,600 tonnes of gas
Ecolomondo Corporation (ECM) is steady at $0.25 per share, as of 3:05pm EST.
