Ecolomondo concludes agreement with EDC for thermal decomposition facility financing

Mike Edwards   

News Ecolomondo Economic Development Canada EDC Hawkesbury loan agreement thermal decomposition faclility

The thermal decomposition process at Hawkesbury facility.

Ecolomondo Environmental (Hawkesbury) Inc., a subsidiary of Ecolomondo Corporation has concluded an Amending Agreement to its original loan agreement with from Export Development Canada (EDC).

The original Loan was for an amount of $32.1 million in project financing with EDC, executed on April 3, 2019, to finance the construction of the company’s first of its kind new turnkey thermal decomposition facility (TDP) in the Town of Hawkesbury, ON, that will process end-of-life tires to produce re-usable resources.

During the first quarter of 2023, Ecolomondo continued on its aggressive pace to begin commercial operations at its Hawkesbury TDP turnkey facility as early as possible, the company says.

The company started performing tests in the thermal decomposition department in January 2023. Initial tests were very positive, it adds, and they allowed the technical teams to identify and take immediate corrective actions successfully leading to improved efficiency and larger payloads.

Tests were performed in both Reactors 1 and 2, with payloads beginning initially at 1,600 lb., gradually increasing to 10,000 lb. per batch. Results from those tests confirm the flexibility and robustness of the TDP reactors and process.

The company expects to operate both reactors simultaneously in the coming weeks, gradually increasing reactor payloads to 15,000 lbs per batch. Once this threshold is achieved, Ecolomondo plans to process 3 batches per reactor every 24 hours.

“This Amending Agreement confirms EDC’s support towards the success of Ecolomondo’s Hawkesbury TDP turnkey plant and the development of an innovative Canadian cleantech,” says Eliot Sorella, Ecolomondo’s chairman & CEO.

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