ECLMF - Ecolomondo Reports 2020 Annual Results
(TheNewswire)
Montreal, April 29, 2021 – TheNewswire - Ecolomondo Corporation ( TSX-V: ECM ) (the "Company" or “Ecolomondo ”) releases its auditedconsolidated financial statements and notes thereto and its relatedmanagement discussion & analysis as of and for the year endedDecember 31, 2020 (the “ Annual Financial Statements ”). Thesedocuments are available on SEDAR at www.sedar.com.
During the fiscal year ended December 31, 2020, theCompany continued to aggressively market its Thermal DecompositionProcess (“ TDP ”) turnkey facilities and to complete the construction ofits new Hawkesbury TDP turnkey facility (the “ Project ”). As theHawkesbury facility comes on line, management believes that thecommercial operation of the Hawkesbury facility should help positionthe Company to become an industry leader in thermal processing ofend-of-life tires.
The Company also began mobilizing for its globalexpansion. It is currently working to put into place global salesteams to market its TDP turnkey facilities and to sell the by-productsproduced by them. The Company is currently in talks to close on thesale of numerous TDP turnkey facilities in Canada and the continentalUSA.
The Company reports that during the period,construction of the Hawkesbury Project continued to progress at arapid pace and is currently nearing completion. Mechanical assemblyand installation are scheduled to be completed by mid-June 2021, withcommissioning to begin by the end of June 2021. Once built, the plantwill be equipped with the latest technology and is designed to ensureefficient handling of large quantities of feedstock (scrap tires) andend-products: oil, steel, fiber, recycled carbon black and processgas.
On April 3, 2019, the Company and Export DevelopmentCanada (“ EDC ”) announced a loan agreement of $32.1 million in projectfinancing for the construction of the Hawkesbury facility. As ofDecember 31, 2020, capital expenditures for theHawkesbury facility totalled $24,452,409 and were essentially for sitepurchase, engineering, site preparation, building construction, labor,permitting, equipment purchases and installation.
“As construction was beginning, theProject was immediately faced with the challenges brought about by anever-ending global pandemic. Our teams worked tirelessly to mitigatethe negative impact to the Project caused by increased costs anddelivery delays. In spite of these setbacks, the consequential tollonly marginally impacted the Project schedule and overallcosts” , says Eliot Sorella, President &CEO of Ecolomondo.
Once built, the Hawkesbury TDP facility will becomprised of four processing departments (shredding, thermal,recovered carbon black, oil fractionation) and, once fullyoperational, this facility is expected to process a minimum of 14,000tons of tire waste per year and produce 5,300 tons of recovered carbonblack, 42,700 barrels of oil, 1,800 tons of steel and 1,600 tons ofprocess gas.
Please visit the Company’s website at www.ecolomondo.com for updates onthe Company’s Hawkesbury facility.
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