Stockholm – Scandinavian Enviro Systems (Enviro) expects a strategic partnership agreement with Michelin Group to be finalised during the fourth quarter of the year, the tire recycler announced 27 Oct.
The two sides signed a letter of intent in April for the partnership, with the aim to finalise an agreement by end of June.
That deadline was however extended to end of October due to the restrictions caused by Covid-19.
And with the pandemic still ongoing, the two sides now expect a final agreement to be reached before the year.
“Both parties are determined to complete our letter of intent by reaching a final agreement as soon as possible,” said Alf Blomqvist, chairman of Enviro.
The two companies, he said, see “a great potential in a strategic partnership and we expect to sign a final agreement during the fourth quarter this year.
Under the cooperation deal, Michelin has taken a 20% stake in Enviro, which has developed ‘proprietary technology’ to recover oil, steel and carbon black from end-of-life tires.
And, under a letter of intent announced in April, the parties are to expand the area of application for Enviro's pyrolysis technology, jointly build a plant based on the technology; and make supply arrangements between both parties.
