Tire recycler Pyrum starts trading on Euronext Growth Oslo

Oslo – Waste tire pyrolysis company Pyrum Innovations AG has started trading its shares on the Euronext Growth market, a multilateral trading facility operated by the Oslo Stock Exchange.

The listing follows the private placement of Pyrum shares with a total transaction size of NOK476.4 million (€46.4 million), said the recycler in a 30 Sept statement. 

According to Pyrum, the private placement attracted “strong interest” from German, Norwegian, as well as Nordic investors and was “significantly oversubscribed excluding shares pre-allocated to cornerstone investors.”

The ‘cornerstone’ investors were Continental Reifen Deutschland GmbH, management company Kalodion Fonds X (Discovergy) GmbH & Co. KG and OHL Gutermuth Industrial Valves GmbH. 

Based in Dillingen, Germany, Pyrum has been operating a waste tire recycling plant since May 2020. There it processes up to 10 kilotonnes per annum of end-of-life tires to produce pyrolysis oil and recovered carbon black (rCB).

The company intends to add two additional production lines to the existing plant by the end of 2022.

Capacity for both pyrolysis oil and rCB has been sold one year forward to major investor BASF as well as two international tire makers, including Continental, Pyrum stated. 

In September 2020, BASF invested €16 million in Pyrum to become one of the largest stakeholders in the company. 

At the time, BASF said it would uptake most of the pyrolysis oil and process it into new chemical products via a mass balance approach within its ChemCycling project.

BASF also stated it anticipated to build up production capacities of up to 100,000 tonnes of pyrolysis oil within the next years together with additional partners.