AJAX, Ontario—Environmental Waste International Inc. has inked an agreement with Danish renewable energy development and investment company WindSpace A/S to develop end-of-life tire recycling plants across Europe.
The first project, called Elysium Nordic, will feature a "TR100" recycling plant in Nyborg, Denmark, which utilizes EWS's reverse polymerization technology, EWS said.
A TR100 plant can process about 100 metric tons of tires per day, said EWS, adding that its proprietary ELT system produces reclaimed carbon black (rCB), steel, syngas and oil.
Under the agreement, which is subject to certain conditions, exclusions and performance criteria, EWS has granted WindSpace exclusive rights to its technology across Europe.
In exchange, WindSpace is to meet certain performance criteria, including "the timely purchase and construction of a TR100 for the Elysium Nordic project."
Moreover, WindSpace must order and build additional plants within the initial five years of the partnership in order to retain their exclusive rights to the EWS technology in Europe.
"If WindSpace contracts to build the plants necessary to remain EWS's exclusive European partner, the revenue to EWS should exceed $100 million," the company statement added.
EWS also will be entitled to ongoing licensing revenue linked to the volume of output from commissioned plants.
WindSpace and certain of their principals have made an investment in EWS common stock, the statement said.
"We are looking forward to a long and successful partnership with EWS in Europe," said Jens Elton Andersen, CEO of WindSpace. "We chose EWS after an exhaustive two-year search for the best available technology from both an economic and environmental perspective."
"This endorsement from a sophisticated and experienced group is an important milestone which confirms our belief that our technology is the best-in-class solution to the worldwide problem of the reclamation of waste rubber," EWS CEO Bob MacBean added. "We are currently in various stages of discussion with prospective customers or partners around the world, which underscores the global nature of the problem and the attractiveness of our solution."