Enviro and Michelin extend letter of intent regarding strategic partnership
A Swedish tire pyrolysis equipment manufacturer and operator Scandinavian Enviro Systems and the French global tire manufacturer Michelin, have extended the letter of intent regarding a strategic partnership which was announced in April 2020. Initially the parties expected that a final agreement would have been reached by mid-year 2020, but the negotiations have been somewhat delayed, partly due to the ongoing pandemic. Therefore, Enviro and Michelin are prolonging the letter of intent until the end of October this year where both companies assess that they will be able to provide more details at the latest. Simultaneously the exclusivity agreement is also prolonged until October 31 this year.