Ecolomondo Corporation a leading innovator in sustainable scrap tyre recycling technology, has concluded the final documentation to the previously announced $2 million credit facility with Export Development Canada (“EDC”)
The Credit facility of $2 million, previously announced on November 25, 2024, is extended to the Company’s subsidiary, Ecolomondo Environmental (Hawkesbury) Inc., owner of the Hawkesbury plant, to assist mainly with the purchase, installation and commissioning of the new milling equipment. This new equipment, once commissioned, should enable the gradual ramp-up of all departments to full production.
The conditions of the credit facility calls for a $500,000 cash injection by the Parent Company, which has already been paid to the Hawkesbury subsidiary in November 2024.
“We thank EDC for their undeniable support over the years. This new credit facility should allow the Hawkesbury plant to complete the installation and commissioning of the new milling equipment. We believe the successful commissioning of the new milling line should enable all departments (shredding, thermal decomposition TDP, and milling) to achieve their full production potential, bringing the Hawkesbury project closer to achieving its commercial potential”, said Jean-François Labbé, Interim CEO of the Company.
The Hawkesbury facility will be a first of its kind and be used as a technological showpiece to promote the TDP platform globally. It is expected to be a testimonial of the commercial viability of TDP turnkey facilities and be used for multiple purposes, such as training of new operators for future TDP turnkey facilities, marketing of the TDP by-products, and attracting future joint venture partners and investors.
