Enviro leaders appointed to board of tire recycling 'JV'

Stockholm – Scandinavian Enviro Systems chairman Alf Blomqvist and CEO Thomas Sörensson (pictured) have been appointed to the board of the company's new tire recycling 'joint venture'.

Formed by Enviro and private equity firm Antin Infrastructure Partners in March, the 'JV' aims to create “the world’s first large-scale tire recycling group”.

This will involve establishing plants across Europe, with a total capacity to process 1 million tonnes of end-of-life tires (ELTs) by 2030.

The first meeting of the 'JV' board was held on 1 June and monthly meetings will now be held to progress the group’s ambitions, said an Enviro announcement.

Using Enviro’s tire pyrolysis technology and supported by Michelin off-take agreements, the venture will initially be financed by Antin.

At the initial stage, Enviro said it will have no ownership in the venture, but has an option to acquire a holding of up to 30%.

In the meantime, however, Enviro will be represented on the 'JV' board of directors from launch.

As previously announced, French tire manufacturer Michelin is planning to join the venture as a partner, as the planned ELT processing facilites are built.

Over the next 24 months, the Swedish tire recycler's board will investigate the long-term capital requirements to finance ownership in the 'JV'.

The first full-scale commercial plant established by the 'JV' will be the plant previously planned by Enviro in Uddevalla, Sweden.

Scaled back from the original plan, the Uddevalla facility will have capacity to recycle 34.5 kilotonnes per annum waste tires, equal to 40% of the annual ELT arisings in Sweden.

Plant construction is scheduled to start in the first half of 2023, subject to a final investment decision by the 'JV', with operation slated for 2025.