STOCKHOLM—Michelin has placed a $483,000 order with Scandinavian Enviro Systems for engineering services and technical documentation of Enviro's patented technology for material recovery of end-of-life-tires.
The transaction forms "a basis for the negotiations about a strategic partnership, which the parties have been conducting since April 2020," a Jan. 26 Enviro statement said.
Under a cooperation deal last year, Michelin took a 20 percent stake in Enviro, which has developed "proprietary technology" to recover oil, steel and carbon black from ELTs.
In December, Enviro said both companies had agreed on the key principles for establishing a jointly-owned recovery plant and a license agreement covering Michelin's usage of related Enviro technology.
Enviro will next arrange an extraordinary general meeting to seek shareholder approval for the deal with Michelin.
