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Montreal, October 2, 2020 Ecolomondo Corporation (TSX-V: ECM) (the “Company” or “Ecolomondo”) reports on the progress of construction of its new, first of its kind, Thermal Decomposition (“TDP”) turnkey facility that is being built in Hawkesbury, Ontario.
Progress is proceeding according to plan and on budget with commissioning scheduled to begin in the fourth quarter of 2020.
Management reports that the building and all on site supporting slabs and pavilions are nearing completion. Equipment deliveries have begun and will ramp up in the coming weeks. Installation of the carbon black line has already begun with installation of the remaining equipment to progressively follow.
“When I was first introduced to this technology, I did not quite realize how amazing it actually is. To see this plant being built from the ground up is very satisfying. It is incredible to witness the progress on a daily basis”, says Eliot Sorella, Chairman & CEO of the Company. Management now estimates that the direct costs to build the Hawkesbury TDP turnkey facility, including all equipment, land, building and soft costs, at 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.
As of August 31, 2020, capital expenditures totalled approximately $24,162,518 and are essentially for site purchase, engineering, site preparation, building construction, labor, permitting and equipment purchases.
Please visit the Company’s website at www.ecolomondo.com to view more pictures on the progress of construction.
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, 850 tons of fiber and 1,600 tons of process gas.
The Hawkesbury TDP turnkey facility is expected to be the first of its kind and consist of four different departments: shredding, thermal process, recovered carbon black processing and 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.
Impact of the COVID-19 Pandemic
The Company has taken and will continue to take all necessary actions needed to reduce the impact of the crisis created by the coronavirus. The Company expects that the milestone to complete the plant under construction in Hawkesbury, Ontario, could be materially impacted by the current situation. It is to note that presently, it is impossible to determine with certitude the long-term consequences and financial implications if the current situation persists.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.