Swedish pyrolysis technology supplier receives engineering order from Michelin
Scandinavian Enviro Systems (Enviro) – a Swedish tire pyrolysis equipment supplier and operator – reports it has received an order from Michelin for engineering services and technical documentation at a value of approximately SEK 4 million (EUR 400,000).
According to the company, the order includes engineering services as well as documentation for Enviro’s patented technology for material recovery of end-of-life-tires and form a basis for the negotiations about a strategic partnership, which the parties have been engaged in since April 2020.
In December 2020, Enviro communicated that both companies had agreed on the key principles for establishing a first, jointly owned, recovery plant as well as a license agreement, which regulates the terms for the usage of Enviro’s material recovery technology and the fee for this usage.
In conjunction with previous communication from Enviro, the agreements must be approved by the shareholders at an Extraordinary General Meeting (EGM) before they can enter into force. The reason for this is that Michelin, by virtue of its large ownership in Enviro, is deemed a related party. As previously communicated by Enviro, a notice of the EGM will be published by the company separately.
Press release by Enviro.