Enviro receives follow-up order for oil from a leading US oil company
Scandinavian Enviro Systems (publ) ("Enviro", "the company") has received an order for pyrolysis oil, the total value of which Enviro estimates to be approximately MSEK 4.7 (USD 450,000). Behind the order is the subsidiary of a leading US oil company that submitted an initial order for oil in February of 2022 for production tests. Delivery of the order is expected over a period of about one year beginning in March 2023 and follows on from successful production testing by the customer that Enviro previously announced.
Thomas Sörensson, CEO Enviro.
The order that has been placed concerns oil recovered from end-of-life vehicle tires – known as pyrolysis oil – at Enviro’s plant in Åsensbruk, and is of the same type as the oil that the subsidiary ordered last year. The oil from the initial order was used for production tests to determine how suitable the oil is for the production of various biofuels. In November 2022, Enviro was able to announce that the production testing by the oil company in question had yielded good results.
Pricing of the order will be based on current market prices in connection with delivery, and at present Enviro believes that the total value of the order will amount to approximately MSEK 4.7 (USD 450,000).
“This order is yet another example of the growing interest in the oil we can recover and deliver to the market. Increasing volume requirements among our customers also confirm the need for expanded recycling capacity that we have identified and based our expansion plans on,” says Thomas Sörensson, CEO of Enviro.
Enviro’s recovered pyrolysis oil has been certified under the ISCC global sustainability certification system and approved in accordance with the EU REACH Directive.
For further information, please contact:
Thomas Sörensson, CEO Enviro, +46 (0)735-10 53 43, thomas.sorensson@envirosystems.se
Alf Blomqvist, Chairman of the Board Enviro, +46 (0)733-14 97 00, alf@blomqvistunlimited.com
Mangold Fondkommission AB is Enviro’s Certified Adviser on Nasdaq First North Growth Market Stockholm.
Scandinavian Enviro Systems AB
Frihamnen 16B, SE-417 70 Gothenburg
info@envirosystems.se
envirosystems.se/
This disclosure contains information that Scandinavian Enviro Systems is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 02-02-2023 18:20 CET.
N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.
Scandinavian Enviro Systems contributes to enhanced environmental and economic sustainability using a patented technology for the recovery of valuable raw materials from scrapped and end-of-life products, including tires. The production of new tires using carbon black recovered with Enviro’s technology reduces carbon dioxide emissions by up to 93 per cent compared with the use of virgin carbon black. Enviro has its head office in Gothenburg and a plant for the recycling of end-of-life tires in Åsensbruk. The largest owner is the French tire manufacturer Michelin. Enviro was founded in 2001 and is listed on Nasdaq First North Growth Market. www.envirosystems.se
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