Pyrum Innovations publishes consolidated results for the first half of 2022
- Total output increased almost tenfold to EUR 9,196 thousand (H1 2021: EUR 932 thousand)
- Sales from the operation of the plant increased by around 22% to EUR 485 thousand (H1 2021: EUR 398 thousand)
- Group net result for the period of EUR -3,487 thousand (H1 2021: EUR -3,137 thousand)
Pyrum Innovations AG (Pyrum), one of the pioneers in the sustainable recycling of end-of-life tyres (ELT) based on its patented pyrolysis technology, today published its consolidated financial report for the period from 1 January to 30 June 2022. In the first six months, total output increased almost tenfold compared to the same period of the previous year to EUR 9,196 thousand (H1 2021: EUR 932 thousand). This includes own work capitalised of EUR 8,495 thousand (H1 2021: EUR 519 thousand) resulting from construction progress on production lines 2 and 3 at the company's site in Dillingen, inventory increases to EUR 216 thousand (H1 2021: EUR 15 thousand) as well as increased sales.
According to the press release, sales from the operation of the plant increased by around 22% to EUR 485 thousand (H1 2021: EUR 398 thousand) due to an increase in plant throughput. In anticipation of significantly higher selling prices after the commissioning of the pelletizing plant, a large part of the coke produced was deliberately included in the inventory and not yet sold. The pelletizing plant is expected to start commercial operation as planned in the fourth quarter of the current year.
Other operating income also developed positively in the reporting period, increasing by around 21.5% to EUR 916 thousand (H1 2021: EUR 754 thousand). This resulted mainly from income in the R&D area, where research grants of EUR 807 thousand were realized, in particular for the BlackCycle project. The consolidated net result for the period amounted to EUR -3,487 thousand (H1 2021: EUR -3,137 thousand). Cash and cash equivalents as of 30 June 2022 amounted to EUR 19,468 thousand (December 31, 2021: EUR 34,446 thousand).
Pascal Klein, CEO of Pyrum Innovations AG said:
"One year after our IPO in Oslo, we have embarked on a dynamic growth course as planned. The list of our achievements is long. With the expansion of our main plant in Dillingen by two additional production lines, the establishment of the first customer joint venture for a plant in Straubing, and the signing of an MoU with UNITANK GmbH, with whom we intend to build and operate up to ten plants by 2030, we see great opportunities to leverage the huge potential of the end-of-life tyre (ELT) recycling market. The market is currently still highly fragmented and we intend to play a leading role here in the future."
Pyrum Innovations AG's financial reporting for the first six months of 2022 is available on the company's website.
About Pyrum Innovations AG
Pyrum Innovations AG (Pyrum) is active in the attractive recycling market for end-of-life tyres with its patented pyrolysis technology. Pyrum's pyrolysis process is energy self-sufficient, saves a large portion of the CO2 emissions normally generated during the disposal of end-of-life-tyres in a cement plant and produces new raw materials such as pyrolysis oil, gas and recovered carbon black from the waste used as input materials. In this way, Pyrum closes the recyclable material loop and pursues a completely sustainable business model. Pyrum Innovations AG says they were the first company in the end-of-life tyre recycling sector to receive REACH registration from the European Chemicals Agency (ECHA) for the pyrolysis oil it produces. This means that the oil is recognised as an official raw material that can be used in production processes. In addition, Pyrum has received ISCC PLUS certification for the pyrolysis oil and the recovered carbon black. Both products are thus considered sustainable and renewable raw materials. These achievements have also been recognised by international experts in the tyre industry. For example, Pyrum won the Best Tyre Recycling Innovation category at the inaugural Recircle Awards and has been nominated for the Grand Prix Mittelstand ("Großer Preis des Mittelstandes") from the German state of Saarland.
Original press release by Pyrum.