Michelin forms partnership with Swedish tire pyrolysis operator and technology supplier Enviro
Swedish tire pyrolysis operator and equipment manufacturer Scandinavian Enviro Systems (Enviro) reports about a long-term strategic partnership with the French global tire manufacturer Michelin which resolved to conduct a private placement of approximately SEK 32.5 million (EUR 2.97 million), by which Michelin, through its wholly-owned subsidiary Michelin Ventures SAS, will subscribe for shares in Enviro corresponding to holdings of 20% after the issue. The strategic partnership is intended to include, among other things, the establishment of a jointly owned recycling plant for end-of-life tires and joint development work to expand the possibilities for the materials that are recycled using Enviro’s technology.