LONDON—Wastefront A.S. has signed a deal with energy storage company VTTI to advance its existing tire pyrolysis project in the United Kingdom and look into establishing other such facilities worldwide.
The "strategic deal" consists of two packages, Oslo, Norway-based Wastefront said in a Juy 13 news release. The initial package offers a $43 million investment by VTTI in Wastefront's project to build an end-of-life tire pyrolysis plant in Sunderland, U.K. The second package includes site-selection surveys for the construction of eight jointly owned ELT pyrolysis plants.
Located worldwide, the proposed facilities would employ Wastefront's technology and be operated by VTTI, according to the statement.
VTTI is backed by major energy and infrastructure players Vitol, IFM Investors and Abu Dhabi National Oil Co. (ADNOC), Wastefront said.
Located in Sunderland, Wastefront's $135 million (€120 million) waste-tire recycling plant is slated to be commercially operational by 2025. Once fully operational, the facility will have the capacity to process around 80,000 metric tons of end-of-life tires, the company said.