Pyrum and Polyfuels sign letter of intent to jointly build and operate four pyrolysis plants

Press release
of Pyrum Innovations AG

Pyrum and Polyfuels sign letter of intent to jointly build and operate four
pyrolysis plants

o	Letter of intent provides for the construction and operation of four pyrolysis
plants in Norway, Sweden, Finland and Estonia
o	Each plant is to consist of at least three pyrolysis reactors with a capacity
of about 20,000 tonnes of end-of-life tyres per year
o	Establishment of a joint venture planned within the next 12 months

Dillingen / Saar, 24 January 2023 - Pyrum Innovations AG ("Pyrum"), a pioneer in
the sustainable recycling of end-of-life tyres (ELT) based on its patented
pyrolysis technology, and Polyfuels Group AB intend to jointly build and operate
four pyrolysis plants as part of a joint venture. Both companies have agreed on
this in a letter of intent (LOI). The plants will be based on Pyrum technology
and will be realised by Circular Tires AS, a wholly owned subsidiary of
Polyfuels. Polyfuels Group AB is engaged in the collection and recycling of
plastics, mixed plastics - both from industry and consumers - and chemical
recycling projects with industrial partners.

According to the LOI, a total of up to four pyrolysis plants for recycling waste
tyres are to be built in Norway, Sweden, Finland and Estonia by 2030. Pyrum and
Polyfuels plan to contractually fix the construction of the plants within the
next twelve months. Pyrum will support its partner in all phases of the project,
from the planning and construction of the plants to the basic process design and
possible distribution channels for the raw materials and products. In addition,
it was agreed that Pyrum will participate in the joint investment and receive
compensation for its support in the planning process.

Pascal Klein, CEO of Pyrum Innovations AG: "After our successful IPO in Oslo,
our cooperation with Polyfuels is a first important step for the development of
the Nordic market. We are pleased to be working with an equally ambitious
partner who - like us - has set itself the goal of striving for a circular
economy in the field of waste recycling. The Scandinavian countries are pioneers
in this respect and we want to contribute to achieving the demanding goals."

Geir Langeland, CEO Polyfuels Group AB: "Polyfuels started the process over a
year ago in order to be first mover in the Nordic region regarding ELT projects.
Today's systems in the Nordic region are obviously not sustainable. After
evaluating ELT technologies we concluded that Pyrum has an optimal turnkey
solution for ELT with a complete business model, not at least regarding offtake
ELT oil with BASF. We have already started pre-studies on four projects with
partners and located concrete sites for the ELT plants in all countries."

Each of the planned plants will be equipped with three pyrolysis reactors and
thus have a recycling capacity of around 20,000 tonnes of ELT per year. This
represents a significant expansion of Pyrum Innovations AG's current capacities.
Currently, the existing Pyrum plant in Dillingen/Saar is being expanded from one
to three production lines. The construction work is proceeding largely according
to plan despite a generally tight supply situation. The new shredder is
scheduled to go into operation by the end of February 2023, and the first
commissioning work of the entire plant is expected for the end of the first
quarter.

 
About Pyrum Innovations AG
Pyrum Innovations AG is active in the attractive recycling market for
end-of-life tyres with its patented pyrolysis technology. Pyrum's pyrolysis
process is energy self-sufficient and, according to the Fraunhofer Institute,
saves significantly more CO2 emissions than today's standard recycling processes
for end-of-life tyres - especially compared to incineration in cement plants -
and produces new raw materials such as pyrolysis oil, gas and recovered carbon
black from the waste used as input materials. In this way, Pyrum closes the
recyclable material loop and pursues a completely sustainable business model. As
a pioneer, Pyrum Innovations AG was the first company in the end-of-life tyre
recycling sector to receive REACH registration from the European Chemicals
Agency (ECHA) for the pyrolysis oil it produces. This means that the oil is
recognised as an official raw material that can be used in production processes.
In addition, Pyrum has received ISCC PLUS certification for the pyrolysis oil
and the recovered carbon black. Both products are thus considered sustainable
and renewable raw materials. These achievements have also been recognised by
international experts in the tyre industry. For example, Pyrum won the Best Tyre
Recycling Innovation category at the inaugural Recircle Awards and has been
nominated for the "Grand Prix Mittelstand" ("Großer Preis des Mittelstandes")
from the German state of Saarland.
https://www.pyrum.net/en 

About Polyfuels
The company's purpose is through environmentally friendly technology to operate
circular, financially profitable, sustainable activities in material recycling
processes of plastic and other organic materials. With industrial partners
Polyfuels will produce and sell end products from the chemical processes that
convert plastic and organic material into liquid carbon compounds.
https://polyfuels.group 
 
Contact				
IR.on AG					Polyfuels Group AB
Frederic Hilke 					Geir Langeland
Tel: [phone]				Tel:+ 47 93480044 
Email: [e-mail]  			[e-mail]
Pyrum Innovations AG					
Dieselstraße 8					Bogstadveien 27 B
66763 Dillingen / Saar				Oslo - Norway
Email: [e-mail]				Email: [e-mail]

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