Göteborg, Sweden-based Scandinavian Enviro Systems and Treadcraft Ltd., based in Ontario, have extended their existing memorandum of understanding (MoU) by six months. The two companies had signed their initial MoU June 29, 2018.
The MoU has the two companies agreeing to a plan to establish a joint venture for co-ownership of a tire recycling plant to be located in or near in Niagara Falls, New York. As planned, the plant will have an annual processing capacity of 30,000 metric tons of tires.
“The fact that we have a specified site for the plant is an important step forward,” says Thomas Sörensson, CEO of Enviro. “We will now continue to formalize the terms and conditions of the project. Within the next six months, legal, financial and license issues will be clarified, and a plant order will be established.”
Adds Sörensson, “Joint ownership is in line with Enviro’s new business model and it means that we will benefit from the returns that will be generated by a plant.”
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