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DGAP-Adhoc: Pyrolyx AG signs recovered Carbon Black suppy agreement Letter of Intent with international tyre manaufacturer

DGAP-Ad-hoc: Pyrolyx AG / Key word(s): Letter of Intent


Pyrolyx AG signs recovered Carbon Black suppy agreement Letter of Intent with international tyre manaufacturer


08-Apr-2019 / 02:00 CET/CEST


Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.


The issuer is solely responsible for the content of this announcement.



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Ad hoc Release

Pyrolyx AG signs recovered Carbon Black suppy agreement Letter of Intent with international tyre manaufacturer

 

Pyrolyx AG has signed a Letter of Intent ("LOI") with one of the largest global tyre manufacturers. The LOI details a five-year supply agreement building over two years to 10,000-15,000 tons per annum of recovered Carbon Black (rCB). The rCB will be initially supplied both from Pyrolyx's existing plant in Stegelitz Germany and its plant in Terre Haute Indiana, which is due to be operational in June 2019. The minimum five-year supply agreement requires the development of additional Pyrolyx manufacturing capacity in Eastern Europe. Once the Eastern European facility is operational, which is expected in late 2021, Pyrolyx will satisfy the tyre manufacturer's initial European regional rCB demands from this facility. The expectation of both parties is that the demand for rCB will increase over time and, if it does, the manufacturer may increase its demand from Pyrolyx beyond the initially stipulated annual tonnage.

Pyrolyx's USA CEO, Thomas Redd, said: "This LOI is an extremely positive development for Pyrolyx and validates Pyrolyx's process and products. Pyrolyx is a world leader in assisting the carbon black industry to decrease its environmental footprint and this agreement, once implemented, will eliminate the need to burn or dump four million scrap tyres annually and reduce CO2 emissions by over 32,000 tons annually, as compared to current carbon black manufacturing techniques."

Michael Triguboff, Pyrolyx AG's CEO, noted that Pyrolyx had already enjoyed a long term relationship with this international tyre manufacturer, benefiting from a long term joint development agreement between the two firms. Pyrolyx has supplied this tyre manufacturer with product from its Stegelitz Germany plant for approximately three years. Mr Triguboff noted that both companies will cooperate to finalise a formal binding offtake agreement in the coming months.
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