The South Korean pyrolysis operatior LD Carbon, has advised Tyre and Rubber Recycling that it is about to close a 10-year pyrolysis oil deal.
The contract will be with one of the largest oil companies in South Korea and is estimated to be worth around $25 million per annum for the next ten years.
The oil company plans on investing $7 million in LD Carbon, and the deal will be funded through a three-way investment agreement involving LD Carbon, the Oil Company and a Korean government-run bank.
In August 2022, LD Carbon secured an $11.5 million investment in Series A of the investment round. In Series B, with the oil company and the government bank, another $18 million will be secured.
This creates a fund of over $34 million, giving LD Carbon the funds to build a new plant in South Korea. The new plant will be in Dang-Jin, South Korea. The plant will process 50kt of ELT each year. From that feedstock, LD Carbon should be able to produce 20kt of pyrolysis oil, 15kt of rCB and about 5kt of scrap metal from steel cord.
LD Carbon will open Series C investment round in the near future to initiate new plant projects in South Korea and/or overseas.
