EarthFirst Technologies Inc. (EFTI), Tampa, announced today it has signed a Letter of Intent with Tire Recyclers Inc.(TRI), Richmond, Va., to construct and operate a commercial tire pyrolysis plant at TRI's existing tire recycling facility in Charles City, Va.
The new tire pyrolysis plant is designed to convert an average of 100 tons-per-day of used automobile tires into valuable recycled products, including scrap steel, No. 3 grade oil and, most notably, high quality carbon black. EFTI believes the carbon black produced will offer tire manufacturers the opportunity to produce recycled automobile and truck tires for the first time.
TRI's Charles City tire shredding operation currently processes more than 3 million tires yearly, which is the volume of tire throughput needed for the pyrolysis plant. EFTI and TRI have made considerable investments in testing different approaches to tire pyrolysis and, based on the lessons learned, have identified a preferred technology provider with a proprietary pyrolysis process that will be implemented at the Charles City plant. The permits required for the addition of the pyrolysis equipment at the Charles City site have already been obtained. EFTI plans to complete the development and financing of the project and commence construction early next year.
John Stanton, chairman, president and CEO of EFTI says, "The Charles City site offers us a fast-track opportunity to become the leader in the tire pyrolysis business. We are pleased to be working with a like-minded partner who understands the tire recycling business in Virginia. Both companies are committed to creating valuable, environmentally superior products from waste materials. We are delighted to deliver on a promise made to EFTI's shareholders last year when we promised a thoughtful review of the tire pyrolysis industry and a reinvestment in this sector if our analysis uncovered adequate economic advantages and credible technology. We have now found both."
Charles Ayers, director of TRI, says, "We have been a leader in creating and implementing Virginia's progressive tire recycling program and are very pleased to be adding an important new dimension to recycling this valuable resource in Virginia. We are excited about being able to utilize EFTI's development and management expertise to make the pyrolysis project a reality and a success."
EFTI and its subsidiaries are dedicated to creating valuable, environmentally superior products from carbon-rich solid and liquid materials currently considered waste products. The company has conducted more than four years of extensive research and development on advanced technologies to achieve this goal.