Scandinavian Enviro Systems announces strategic partnership with Michelin for rCB

Scandinavian Enviro Systems (Gothenburg, Sweden) has announced a new long-term strategic partnership with Michelin under which Michelin will acquire a 20% stake in Enviro, valued at SEK 32.5 million (US$3.2 million). The agreement also includes a project to build a tire recycling facility based on Enviro’s pyrolysis technology, as well as a joint supply agreement for recovered carbon black between the two companies. The location of the plant will be confirmed at a later date. The stock placement is expected to be completed by April 29, 2020, while the final agreement on the strategic partnership is expected to be signed by mid-2020. The current letter of intent contains no provisions that prevent Enviro from collaborating with other tire manufacturers or tire suppliers after July 31, 2020, according to Enviro’s press release.