Ecolomondo Concludes an Amending Agreement With Export Development Canada (EDC)

Ecolomondo Environmental (Hawkesbury) Inc., a subsidiary of Ecolomondo Corporation (TSX-V: ECM) (OTC: ECLMF) (“the Company” or “Ecolomondo”) is pleased to announce that it has concluded on May 31, 2023 an Amending Agreement (the “Amending Agreement”) to its original loan agreement (“Loan”) with from Export Development Canada (“EDC”).

The original Loan was for an amount of $32.1 million in project financing with EDC, executed on April 3, 2019, to finance the construction of the Company’s first of its kind new turnkey thermal decomposition facility in the Town of Hawkesbury, Ontario (the “Hawkesbury facility”) that will process end-of-life tires to produce re-usable resources.

The Amending Agreement signed today allows the postponement of interest payment to July 31, 2023 as the Company works through the final steps to bring the new Hawkesbury TDP facility to commercial operations.

During the first quarter of 2023, the Company continued on its aggressive pace to begin commercial operations at its Hawkesbury TDP turnkey facility as early as possible. The Company started performing tests in the thermal decomposition department in January 2023. Initial tests were very positive and they allowed the technical teams to identify and take immediate corrective actions successfully leading to improved efficiency and larger payloads. Tests were performed in both Reactors 1 and 2, with payloads beginning initially at 1,600 lbs, gradually increasing to 10,000 lbs per batch. Results from those tests confirm the flexibility and robustness of the TDP reactors and process. The Company expects to operate both reactors simultaneously in the coming weeks, gradually increasing reactor payloads to 15,000 lbs per batch. Once this threshold is achieved, the Company plans to process 3 batches per reactor every 24 hours.

“This Amending Agreement confirms EDC’s support towards the success of Ecolomondo’s Hawkesbury TDP turnkey plant and the development of an innovative Canadian cleantech,” says Eliot Sorella, Ecolomondo’s Chairman & CEO.

Source: Ecolomondo