Pyrum tracking progress on Czech, Greek tire recycling plants

Dillingen, Germany – Pyrum Innovations AG expects to finalise financing and move ahead with two major end-of-life tire (ELT) pyrolysis projects in Europe, the company has announced.

In an 11 March shareholder update, CEO Pascal Klein said preparations for the Czech project are largely complete, with financing discussions representing the final hurdle.

“The project in Czechia is scheduled to start shortly, and our partner SUAS has done everything that needs to be done,” Klein said.

Pyrum has also "done everything and started the initial work there,” said Klein, adding that the project is currently awaiting final approval from lenders.

“At the moment, it's a bit stuck at the bank,” Klein explained. “Banks have committees, and committees have to be convinced of every little detail.”

According to Klein, the project partners are “putting pressure” on the lenders and supplying data with the hope to “have everything finalised in Q1.”

Pyrum’s Czech project is being developed in partnership with Sokolovska uhelna (SUAS) with Pyrum holding a 49% stake in the JV company.

Initially unveiled in October 2023, the project will have the capacity to convert 22 kilotonnes per annum (ktpa) of ELTs into secondary raw materials and is set for commissioning in 2027.

SUAS already operates a power plant at the site of the proposed plant, which will be able to convert the gas produced during pyrolysis into electricity without additional investment.

Meanwhile, in Greece, Pyrum expects construction to start later this year following a €29.4 million financing from the European Investment Bank (EIB).

According to Klein, the EIB funding has a “clear timeline behind it,” stating that “construction must begin there at the end of June, otherwise the funding could be lost.”

“So we strongly assume that work will actually start in Greece at the end of June,” he said.

With a planned capacity to process 45 ktpa of ELTs, the factory is being constructed by Thermo Lysi, and Pyrum has the option to acquire a stake of “at least 10%” in the project.

With a total investment of €100 million, the facility in Livanates, 140km north of Athens, will be based on Pyrum’s thermolysis technology, featuring up to six reactors.

In parallel, Pyrum is advancing a third project in Belgium in cooperation with VTTI, an international energy infrastructure operator.

“We have now completed the first phase of planning, i.e. the basic engineering and approval planning,” Klein said.

The company expects to submit regulatory applications “shortly” and proceed to the next stage of development.