Michelin has inked a deal with Scandinavian tyre recycler Enviro that will see the company scale up the deployment of an energy-efficient technology that uses pyrolysis, or heating without air, to recycle tyres.
The global tyre giant, which produced 200 million tyres in 2019 alone, intends to buy a 20 per cent stake in the Swedish firm in a deal worth SEK32.5m (£2.6m), making it the largest stakeholder in the company. The new parternship, which was announced last week, will also involve a joint supply agreement and the construction of a new factory in an undisclosed location where Enviro’s pyrolysis technology can be industrialised. If approved by shareholders, the deal would also give Michelin Group a seat on Enviro’s board.
The parternship and investment represents a major endorsement for Enviro’s technology, which requires less energy than traditional incineration-based tyre recycling methods, and recovers high-quality and reusable carbon black, oil, and steel. Recycling carbon black can dramatically reduce tyre production emissions, given that between 1.5 to two kilograms of crude oil is needed to produce one kilogram of the material. Carbon black makes up roughly 30 per cent of a tyre.
Source: Business Green
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