Scandinavian Enviro Systems and Antin Infrastructure Partners today announced the formation of a joint venture supported by Michelin to create the world’s first large-scale tire recycling group.
The JV will combine Enviro’s unique and patented technology for the extraction of carbon black and pyrolysis oil from end-of-life tires with Michelin’s leading position in sustainable tires and Antin’s expertise in developing and scaling tomorrow’s infrastructure platforms to enable the industrial development of this innovative recycling technology.
The JV has secured a multi-year supply agreement with Michelin for the first plants established. The agreement with Michelin includes delivery of recovered carbon black and tire pyrolysis oil (TPO).
The initial investment in the JV will be funded by Antin’s NextGen platform, which will be the majority owner of the JV. Enviro’s ownership in the joint venture will ultimately correspond to approximately 30%. As part of the JV, Enviro’s patented technology will be licensed to the JV on an exclusive basis throughout Europe.
Michelin is planning to partner in the JV as the plants are built in the future.