ECLMF - Ecolomondo Reports on The Progress of Its New Hawkesbury TDP Turnkey Facility
(TheNewswire)
Montreal – TheNewswire- April 6, 2021 Ecolomondo Corporation ( TSXV:ECM ) (the “Company” or“Ecolomondo ”) reports on the progress ofconstruction of its new, first of its kind, Thermal Decomposition(“ TDP ”) turnkey facility that is being built in Hawkesbury,Ontario.
Construction continues to progress at a very rapid paceand is nearing completion. Mechanical assembly and installation arescheduled to be completed by the end of May 2021, with commissioningto begin in June 2021. Once built, the plant will be equipped with thelatest technology and is designed to ensure efficient handling oflarge quantities of feedstock (scrap tires) and end-products: oil,steel, fiber, recycled carbon black and process gas). The building is46,200 sq.ft and has an impressive indoor clearance of 28 feet. It isstate-of-the-art and houses 3 main production departments, tireshredding, thermal decomposition and recycled carbon blackrefining.
“Every time I visit the Hawkesburysite, it is gratifying to see its progress. It is exciting to see theactual result and to know that the production kick-off date will behappen very soon!”, says Eliot Sorella,Chairman & CEO of the Company.
In spite of the delays to the start-up date mostlycaused by the pandemic, the project cost and cash flows remain mostlywithin the guidelines of the loan covenants with Export DevelopmentCanada ( EDC ).
Total estimated budget for the Hawkesbury TDP turnkeyfacility stands at approximately $37.6 million, of which approximately$32.1 million comes from the loan facility from EDC and the balance ofapproximately $5.5 million from the Company, which the Company hasalready contributed.
As of March 31, 2021, total drawdowns from the loanfacility with EDC totaled $25.8 million and as of April 30, 2021,capital expenditures for the Hawkesbury facility are expected to beapproximately $31.3 million, including approximately $5.5 million paidby the Company, mostly used for site purchase, engineering, sitepreparation, building construction, labor, permitting, equipmentpurchases and installation.
Below are various pictures taken on April 1, 2021,showing the Hawkesbury TDP turnkey facility:
Please visit the Company’s website at www.ecolomondo.com to viewmore pictures on the progress of construction.
Once built and fully operational, the Hawkesbury TDPturnkey facility is expected to process a minimum of 14,000 tons oftire waste per year and to produce 5,300 tons of recycled carbonblack, 42,700 barrels of oil, 1,800 tons of steel, 850 tons of fiberand 1,600 tons of process gas.
The Hawkesbury TDP turnkey facility is expected to bethe first of its kind and consist of four different departments:shredding, thermal process, recovered carbon black processing and oildistillation.
Management expects to use theHawkesbury facility as the technological showcase of a TDP turnkeyfacility in commercial operations, an important step in theCompany’s marketing and future global growth strategy.
Impact of the COVID-19Pandemic
The Company has taken and will continue to take allnecessary precautions needed to reduce the impact of the crisiscreated by the coronavirus. The Company notes that the pandemic wasresponsible for certain delays to the project schedule by as much as 6months and it may be further impacted if the current situationpersists. Consequently it is impossible to determine with accuracyfuture disruptions that may arise or that may negatively impact theproject schedule and costs due to a persistent pandemic.
About Ecolomondo Corporation
Ecolomondo is a cleantech Canadian company that iscommercializing its waste-to-products technology. The TDP processconverts hydrocarbon waste into marketable commodity end-products,namely carbon black substitute, oil, gas and steel. Technologies suchas Ecolomondo’s are expected to play an important role in resourcerecovery needed in today’s circular economy.
Management believes that many technologicalbreakthroughs in areas of emissions, process optimization, automation,end-product processing and safety, position Ecolomondo to become anindustry leader.
The Company’s main revenues will come from the saleof TDP turnkey facilities and royalties from their operations. TDPfacilities will generate revenues from the sale of end-products,tipping fees and carbon credits. Ecolomondo’s first focus is tomarket 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 ForwardLooking Statements
The information in this news release includes certaininformation and statements about management'sview of future events, expectations, plans and prospects thatconstitute forward looking statements. These statements are based uponassumptions that are subject to significant risks and uncertainties.Because of these risks and uncertainties and as a result of a varietyof factors, the actual results, expectations, achievements orperformance may differ materially from those anticipated and indicatedby these forward-looking statements. Although Ecolomondo believes thatthe expectations reflected in forward looking statements arereasonable, it can give no assurances that the expectations of anyforward-looking statements will prove to be correct. Except asrequired by law, Ecolomondo disclaims any intention and assumes noobligation to update or revise any forward-looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions, changes in factors affecting suchforward-looking statements or otherwise.
For further information pleasecontact:
Elio Sorella,
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
www.ecolomondo.com
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