- Environmental Waste International (EWS) updates on certain agreements
- WindSpace A/S and EWS is continuing to work toward the development of a 100 metric ton per day waste tire recycling plant in Nyborg, Denmark
- Due to the long lead time related to the plant development in Nyborg, the parties have amended their agreement
- Instead, the parties will focus their near-term efforts on the development of two 100 metric ton per day plants in Nyborg
- Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires
- Environmental Waste International Inc. (EWS) is up 7.41 per cent and is trading at C$0.14 at 1:31 pm ET
Environmental Waste International Inc. (EWS) has updated its previously announced agreement with WindSpace A/S.
The parties are continuing to work toward the development of a 100 metric tons per day waste tire recycling plant in Nyborg, Denmark.
WindSpace has retained Green Giraffe, a leading renewable technologies financial advisor to assist them in raising capital for the Nyborg plant.
WindSpace is in discussions with a number of institutional investors, and they hope to complete financing by the end of 2021, but there can be no assurance that financing will be completed.
WindSpace has developed plans and is seeking financing to build a second 100 metric ton per day facility in Nyborg as a result of conversations with and ongoing interest from a leading global industrial manufacturer to become a strategic partner in its projects in Nyborg.
Due to the long lead time related to the plant development in Nyborg, the parties have amended their agreement to eliminate their exclusive arrangement across Europe.
Instead, the parties will focus their near-term efforts on the development of two 100 metric tons per day plants in Nyborg and have agreed to revisit long-term cooperation opportunities at a later stage.
Separately, on March 22, 2021, EWS announced a conditional agreement with Torreco, Inc. for an investment of $7 million in Ellsin Environmental Inc., its subsidiary which owns its plant in Sault Ste. Marie, Ontario. Terreco has funded $1 million and now owns 10 per cent of Ellsin.
Due to a number of factors including travel restrictions, the Torreco funding has been delayed. There can be no assurance that the balance of the Torreco financing will be completed. EWS continues to move forward with the upgrade and commercialization of the Sault Ste. Marie plant and will seek financing elsewhere, if necessary.
Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. It has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system.
Environmental Waste International Inc. (EWS) is up 7.41 per cent and is trading at C$0.14 at 1:31 pm ET.
