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 – announced that it has released its unaudited consolidated financial statements and notes thereto and its related management discussion and analysis for the interim period ended June 30, 2023 (Interim Financial Statements). The documents are available on SEDAR website.

During the quarter ended June 30, 2023, the Company continued to market its TDP turnkey facilities and commission its new Hawkesbury TDP facility (the “Project”). While the commissioning of the Hawkesbury TDP facility is reaching completion, the Company started its production ramp-up. The Company is also preparing for start of the construction of its unprecedented Shamrock, Texas, TDP turnkey facility, and evaluating other potential sites to build more TDP turnkey facilities as it strategizes its North American expansion.

Highlights of the unaudited consolidated financial statements and notes thereto for the interim period ended June 30, 2023 are:

  • The Company received an advance from a company under common control of $450,000.
  • Loss for the quarter was $379,897, compared to $365,406 for the same period in 2022;
  • As of June 30, 2023, capital expenditures for the Hawkesbury TDP turnkey facility totaled $44,677,910.
  • Accounts payable and accrued liabilities decreased by $774,382 between December 31, 2022 and June 30, 2023.
  • The Company expects to have positive cash flows from the operations of the Hawkesbury facility starting in the first quarter of 2024, however to fill working capital needs and have cash to fulfill strategic objectives, management expects to undertake a capital raise early in the fourth quarter of 2023.

During the second quarter of 2023, the Company continued its aggressive pace towards commercial operations at its Hawkesbury TDP turnkey facility. Tests were performed in both Reactors 1 and 2, with payloads beginning initially at 1,600 lbs, gradually increasing to 15,000 lbs per batch in both reactors. Test results confirm the flexibility and robustness of the TDP reactors and process. The Company is currently planning to process 2 batches per reactor every 24 hours.

On July 11, 2023, the company announced that it received the International Sustainability and Carbon Certification (ISCC) for its Hawkesbury TDP facility, another step forward towards commercial operations. ISCC is a Global Sustainability Certification System and offers chain-of-custody certification systems to ensure traceability and feedstock identity. It is an independent multi-stakeholder initiative and leading certification system supporting sustainable, fully traceable, deforestationfree and climate-friendly supply chains. Certifications by ISCC cover sustainable agricultural biomass, biogenic waste and residues, non-biological renewable materials and recycled carbon-based materials. With currently over 7,000 valid certificates in more than 100 countries, ISCC is among the world’s largest certification systems. This ISCC certification can add commercial value to the Company’s end-products as they remain traceable in the supply chain.

The Company believes that once fully ramped-up and commercially operational, the Hawkesbury TDP facility as a showpiece should identify TDP as a leading technology in thermal processing of end-of-life tires.

During the second quarter of 2023, the Company continued to make considerable headway at its Shamrock, Texas TDP turnkey project. The Shamrock facility will serve as the Company’s flagship entry into the US market. Coupled with the production capacity of the Hawkesbury (Ontario) facility, the Company will produce over 15,900 metric tons of recovered carbon black per year. Management believes that this unprecedented production capacity of recovered carbon black should position Ecolomondo to become a leading industry player.

The total budgeted cost of the Shamrock facility is projected to be approximately US$93 million. The Company has engaged the services of a leading U.S. Investment Bank to advise on the financing. It is anticipated that the financing to close in the first half of 2024, with ground breaking to begin soon thereafter.

Press release by Ecolomondo.