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Montreal, March 9, 2020 Ecolomondo Corporation (TSX-V: ECM) (the “Company” or “Ecolomondo”) reports that the construction of its new, first of its kind, Thermal Decomposition (“TDP”) turnkey facility, previously announced on June 20, 2019, that is being built in Hawkesbury, Ontario, progresses according to plan and on budget.
The building is rapidly progressing. Foundations and steel structure have been completed and work has begun on the exterior walls.
The Company informs that all long-lead equipment has been ordered and is currently being manufactured, the main being shredding and crumb rubber line, recovered carbon black processing line, flare, reactors, scrubbers and oil distillation.
The Company expects that delivery of equipment shall begin by the end of April 2020. Commissioning is still projected to begin in the third quarter of 2020 and the Company still anticipates to begin initial operations in the fourth quarter of 2020.
The costs of the project have been accounted for in the Company’s financial projections. Management now estimates that direct costs to build the Hawkesbury TDP turnkey facility, including all equipment, land, building and soft costs, will be 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.
Once built and fully operational, the Hawkesbury TDP turnkey facility is expected to process a minimum of 14,000 tons of tire waste per year and to produce 5,300 tons of recycled carbon black, 42,700 barrels of oil, 1,800 tons of steel and 1,600 tons of process gas.
This Hawkesbury TDP turnkey facility is expected to be the first of its kind and will have four different departments: shredding, thermal process, recovered carbon black processing, oil distillation.
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.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that is commercializing its waste-to-products technology. The TDP process converts hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel. Technologies such as Ecolomondo’s are expected to play an important role in resource recovery needed in today’s circular economy.
Management believes that many technological breakthroughs in areas of emissions, process optimization, automation, end-product processing and safety, position Ecolomondo to become an industry leader.
The Company’s main revenues will come from the sale of TDP turnkey facilities and royalties from their operations. TDP facilities will generate revenues from the sale of end-products, tipping fees and carbon credits. Ecolomondo’s first focus is to market TDP turnkey facilities that use scrap tires as a feedstock, because scrap tires yield end-products with a higher commercial value, especially the recycled carbon black.
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
For further information please contact:
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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