STOCKHOLM, Sweden—Scandinavian Enviro Systems A.B. has raised its stake in its end-of-life tire pyrolysis joint venture with Michelin and Antin Infrastructure Partners.
The recycler received a payment of about $5 million (SEK 54 million) from the JV partners, covering part of costs it incurred to establish a full-scale recycling plant in Uddevalla, Sweden.
Half of the payment was received in cash and the other half in the form of shares in the JV, according to an Enviro announcement issued May 2.
This follows a similar payment in February of about $4.9 million, meaning that Enviro has in total received nearly $10 million in payments—50 percent in the form of shares.
The JV was formed in March 2023 with ambitious plans to construct ELT recycling units across Europe with a total processing capacity of 1 million metric tons by 2030.
At the time, it was agreed that Enviro would be part-compensated for its ownership of the land at the Uddevalla site and receive up to 30 percent share-ownership in the JV.
Construction of the full-scale plant in Uddevalla was initiated in February and according to Enviro, the facility and the land it is built on are now owned by the JV.
After commissioning the plant in Uddevalla, the JV will "seek to accelerate the build-out of additional plants in other European jurisdictions," Enviro stated in February.
"The procedure for establishment in other European countries has begun so as to ensure a rapid roll-out," the company stated.
