Enviro has EUR 32,000 loan converted to grant as a result of establishment in Chile

2022-01-10

Enviro has had a previous conditional loan totalling EUR 32,000 (approximately SEK 330,000) converted to a grant without a repayment requirement as a result of the tangible measures the company has taken to establish a recycling plant in Chile. The loan was issued by the Nordic Environment Finance Corporation (NEFCO).

N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

As fund manager for the Nordic Project Fund (Nopef), NEFCO granted Enviro a conditional loan totalling EUR 32,000 in 2014. The loan was granted to facilitate Enviro’s plans to establish a recycling plant for end-of-life tyres in Chile in South America. The loan was paid out in two instalments.

Since the loan was granted, Enviro has commenced the establishment of a recycling plant in Chile in collaboration with Michelin. The plant will be jointly owned by Michelin and Enviro through a local joint venture in which Enviro owns 10 per cent and Michelin owns the remaining 90 per cent. The shared plant, based on Enviro’s patented pyrolysis technology, will have an annual recycling capacity of 25,000-30,000 tonnes.

The establishment of the plant in Chile is fully under way. In 2021, the parties decided on the location and Michelin also commissioned the international consulting firm McDermott to develop a front end engineering design (FEED) for the facility. Meanwhile, local recruitment of a manager for the facility has been ongoing for some time.

“Converting the loan to a grant is clearly financially beneficial, but most importantly, it provides further tangible evidence of how we are gradually executing and realising our commercialisation and expansion,” says Thomas Sörensson, CEO of Enviro.

For further information, please contact:
Thomas Sörensson, CEO of Enviro, +46 (0)735-10 53 43, thomas.sorensson@envirosystems.se
Urban Folcker, Enviro CFO, +46 (0)760-00 13 11, urban.folcker@envirosystems.se
Alf Blomqvist, Chairman of the Board of Enviro, +46 (0)733 149 700, alf@blomqvistunlimited.com

Mangold Fondkommission AB, +46 (0)8 503 01 550, ca@mangold.se, is Enviro’s Certified Adviser on Nasdaq First North Growth Market Stockholm.

Scandinavian Enviro Systems AB
Herkulesgatan 1K
SE-417 03 Gothenburg
info@envirosystems.se
www.envirosystems.se

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