Ecolomondo Corporation (Ecolomondo), a cleantech company specializing in the commercialization of its Thermal Decomposition Process (TDP) proprietary recycling technology and the global deployment of TDP turnkey facilities, has reached an agreement in principle to restructure its original loan agreement (Loan) with Export Development Canada (EDC).

The original Loan was for an amount of $32.1 million in project financing with EDC, executed on April 3, 2019, to finance the construction of the Company’s first of its kind new turnkey thermal decomposition facility in the Town of Hawkesbury, Ontario, that will process end-of-life tires to produce re-usable resources.

In order to give the parties time to finalize documentation for the restructuring of the Loan, EDC has agreed to postpone principal and interest payments to December 29th, 2023. Subject to the execution of final documentation, which is expected to be completed by mid-December, 2023, the Loan is to be restructured with the interest rate capped at 8.5%, capital principal and interest payments postponed until May of 2024, with the original Loan to then be repaid in quarterly instalments of principal and interest based on a twenty-five year amortization, and the final balance and all capitalized interest will be repayable when the Loan matures in May of 2029. This restructured Loan facility will allow the Company to work through the final steps to bring the new Hawkesbury TDP facility to commercial operations.

About Ecolomondo Corporation

Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in Québec, Canada. It has a 25-year history and during this time has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil, syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV:ECM). To learn more, visit www.ecolomondo.com

Press release by Ecolomondo.