Montreal, QC, June 2, 2023 — Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the “Company” or “Ecolomondo”), a cleantech company specializing in the commercialization of its Thermal Decomposition Process (“TDP”) proprietary recycling technology and the global deployment of TDP turnkey facilities, announces that it has released its unaudited consolidated financial statements and notes thereto and its related management discussion and analysis for the interim period ended March 31, 2023 (the “Interim Financial Statements”). The documents are available on SEDAR at www.sedar.com.
During the quarter ended March 31, 2023, the Company continued to market its TDP turnkey facilities and to commission its Hawkesbury TDP facility (the “Project”). The Hawkesbury TDP facility being commissioned and the beginning of production ramp-up currently on the way, the Company is also currently working on its unprecedented Shamrock, Texas, TDP turnkey facility, while evaluating other potential sites to build more TDP turnkey facilities as it strategizes its North American expansion.
Highlights of the unaudited consolidated financial statements and notes thereto for the interim period ended March 31, 2023 are:
- The Company closed on January 16, 2023 a non-brokered private placement for aggregate gross proceeds of $1,000,051.60.
- Loss for the quarter ended March 31, 2023 increased to $261,459 during the period, from $169,585 during the same period in 2022;
- Total assets increased by $941,052 between March 31, 2023 and December 31, 2022, mostly due to increases in the Hawkesbury plant construction that were capitalized. As of March 31, 2023, capital expenditures for the Hawkesbury facility totaled $43,434,406.
- Total liabilities increased by $230,739 between the two periods, mostly due to an increase in long term debt related to the Hawkesbury Project;
- The Company projects to use a further $2,000,000 for the balance of the fiscal year 2023. It projects to have positive cash flows from the operations of the Hawkesbury TDP facility of approximately $700,000. Management assesses that to achieve the Company’s strategic goals, it is considering a capital raise in the near future.
During the first quarter of 2023, the Company continued on its aggressive pace to begin commercial operations at its Hawkesbury TDP turnkey facility as early as possible. The Company started performing tests in the thermal decomposition department in January 2023. Initial tests were very positive and they allowed the technical teams to identify and take immediate corrective actions successfully leading to improved efficiency and larger payloads. Tests were performed in both Reactors 1 and 2, with payloads beginning initially at 1,600 lbs, gradually increasing to 10,000 lbs per batch. Results from those tests confirm the flexibility and robustness of the TDP reactors and process. The Company expects to operate both reactors simultaneously in the coming weeks, gradually increasing reactor payloads to 15,000 lbs per batch. Once this threshold is achieved, the Company plans to process 3 batches per reactor every 24 hours.
The Company is actively planning its global expansion. The Company believes that the Hawkesbury TDP showpiece, which is expected to soon be operating commercially, should identify TDP as a leading technology in thermal processing of end-of-life tires.
In line with its expansion strategy, the Company is also focused on its next TDP project, a six-reactor TDP facility to be located in Shamrock, Texas. During the quarter ended March 31, 2023, the Company continued its efforts on this project, especially in the areas of financing, feedstock supply, offtake agreements and a JV partner. Processing capabilities for the Shamrock facility is projected at roughly three times the size of the Company’s Hawkesbury TDP facility.
About Ecolomondo Corporation
Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in Québec, Canada. It has a 25-year history and during this time has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil, syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV:ECM). To learn more, visit www.ecolomondo.com
About the Hawkesbury TDP Facility
The Hawkesbury facility building is 46,200 sq.ft and has an impressive indoor clearance of 28 feet. It is state-of-the-art and houses 4 main production departments, tire shredding, thermal decomposition, recycled carbon black refining and oil fractionation. Once fully operational, this facility is expected to process a minimum of 14,000 metric tons of tire waste per year and produce 5,300 metric tons of recovered carbon black, 42,700 barrels of oil, 1,800 metric tons of steel, 1,600 metric tons of process gas and 850 metric tons of fiber.
About the Shamrock TDP project
Processing capabilities for the Shamrock facility is projected at 42,000 metric tons per year of end-of-life tires, yielding approximately 15,900 metric tons of recovered carbon black, 128,100 barrels of oil, 5,400 metric tons of steel, 2,550 metric tons of fiber and 4,800 metric tons of syngas; roughly three times the size of the Company’s Hawkesbury (Ontario) plant output. Facility construction is expected to begin by the end of the fourth quarter of 2023 with completion expected by the end of the second quarter of 2025. Projected cost to build is approximately US $93 million.
Our Mission, Vision & Strategy
Ecolomondo’s mission is to be a contributing participant in a dynamic Circular Economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be re-used in the manufacture of new products.
Ecolomondo’s vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labor and offtake clients.
Our strategy is to become a major global builder and operator of TDP turnkey facilities, for now specializing in the processing of ELTs. Our intent is to expand aggressively in North America and Europe. Our experience and modular technology should help us get there faster and better. We plan to keep performing ongoing research and development to ensure that Ecolomondo remains technologically advanced.
The Company has obtained ISO 9001:2015, ISO 14001:2015 & ISO 45001:2018 certification of its Integrated Management System (IMS), which acknowledges Ecolomondo’s commitment for quality, environmental impact and health and safety at work.
Environmental, Social & Governance (ESG)
On the social aspect the Company plans to measure global health and safety, injury rate and gender diversity, and finally in the corporate governance aspect, the Company is measuring ethics and anticorruption, ESG reporting and board independence.
The TDP process is technically proven and more advanced than most other pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in these areas: pre-filtration, reactor cooling, reactor rotation, reactor evacuation, water recycling, cleaning of rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, system automation, emissions control and monitoring, rCB and pyrolysis oil post processing, efficient syngas reuse.
TDP is Environmentally Friendly – CO2 Reduction
By producing rCB, TDP reduces GHG emissions by 90% versus the production of virgin carbon black. The production of rCB at the Hawkesbury and Shamrock facilities are expected to reduce CO2 emissions by 22,400 and 67,200 tons per year, respectively.
Please follow Ecolomondo on Twitter, Facebook, LinkedIn, Instagram and YouTube.
Ecolomondo Corporation Contact
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
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 assurance 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.
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.