Ajax, Ontario--(Newsfile Corp. - August 25, 2020) - Environmental Waste International Inc. (TSXV: EWS) (the "Company" or "EWS"), announced that it has signed an agreement with WindSpace A/S ("WindSpace"), a Danish development and investment company. WindSpace has a demonstrated track record designing, financing, building and operating renewable energy and green technology projects in Europe.
With this agreement, EWS and WindSpace are entering into a partnership to develop waste tire recycling plants across Europe. The first project will be "Elysium Nordic", a TR100 recycling plant in Nyborg, Denmark which utilizes EWS' Reverse Polymerization™ technology. EWS has developed a proprietary system for processing rubber tires, producing reclaimed carbon black (rCB), steel, syn gas and oil (the "Output Products"). A TR100 processes about 100 metric tons of tires per day. Commercialization of EWS' Reverse Polymerization™ technology represents a momentous breakthrough in dealing with one of the world's most stubborn waste problems in an environmentally friendly manner.
Subject to certain conditions, exclusions and performance criteria, EWS grants WindSpace exclusive rights to its technology across Europe. In exchange for these exclusive rights, WindSpace is required to meet certain performance criteria including the timely purchase and construction of a TR100 for the Elysium Nordic project. WindSpace must order and build additional plants within the initial five years of the partnership in order to retain their exclusive rights to the EWS technology in Europe. If WindSpace contracts to build the plants necessary to remain EWS's exclusive European partner, the revenue to EWS should exceed $100 million. However, consummation of any purchases by WindSpace from the Company are contingent upon completion of financing and final documentation. In addition to the sale of the TR100s, EWS will benefit from ongoing licensing revenue tied to the volume of Output Products once a plant is commissioned.
WindSpace and certain of their principals have made an investment in EWS common stock.
Jens Elton Andersen, CEO of WindSpace, said, "We are very happy to enter the tire recycling business in partnership with EWS. We chose EWS after an exhaustive two-year search for the best available technology from both an economic and environmental perspective. We are looking forward to a long and successful partnership with EWS in Europe."
Bob MacBean, EWS CEO said, "We are delighted to have WindSpace as our partner in Europe. This endorsement from a sophisticated and experienced group is an important milestone which confirms our belief that our technology is the best-in-class solution to the worldwide problem of the reclamation of waste rubber. The timing seems right for our long-term developmental efforts to be rewarded. We are currently in various stages of discussion with prospective customers or partners around the world, which underscores the global nature of the problem and the attractiveness of our solution."
About Environmental Waste International Inc.
Environmental Waste International Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. The Company has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, www.ewi.ca.
About WindSpace A/S
WindSpace A/S is a Danish wind energy and green tech development company with operations in Denmark, Sweden, Poland and Croatia. The company has extensive experience in international project financing and executes sales processes with some of the world's largest investment funds.
WindSpace has been active in the wind industry since 2007 as lead developer of approx. 450 MW wind projects with further projects currently under development. WindSpace has developed, constructed, and operated several wind parks. During the past three years, WindSpace has entered the recovered carbon black market, projecting a large-scale production facility, Elysium Nordic, in Denmark, with planned start of construction during Q1 2021.
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This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company's continuous disclosure filings, which are available at www.sedar.com.
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