24 Oct 2024
Proceeds to be used for construction of second ELT pyrolysis site in Germany, other JV project
Dillingen/Saar, Germany – Pyrum Innovations AG has raised €10 million through a new share issue scheme which was completed 22 Oct.
The German end-of-life tire (ELT) pyrolysis company issued a total of 363,637 new shares at a placement price of €27.50 per share, as part of a move to raise capital for ongoing projects.
The funds raised, said CEO Pascal Klein, will be used in the construction of Pyrum’s second waste tire recycling plant in Perl-Besch, in Germany’s southwestern state of Saarland. (ERJ report)
In addition, the company will aim to increase its share in a joint venture plant in the Czech Republic (ERJ report) from 30% to up to 49%, Klein added.
A key new investor in the shares was German tire maker Ralf Bohle, known for its Schwalbe brand, now holding a 4% stake in Pyrum.
Pyrum has secured purchase agreements for recovered carbon black (rCB) from Continental and Schwalbe as well as pyrolysis oil from BASF.
To meet that demand, Klein said, Pyrum needs “larger production capacities,” which will be achieved through the recent fund-raising round.
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