Ecolomondo unit amends agreement to delay interest payments to July 31

By Mary-Katherine Stinson

Lexington, Ky., June 1 – Ecolomondo Corp. Inc.’s subsidiary Ecolomondo Environmental (Hawkesbury) Inc. on May 31 amended its original loan agreement with Export Development Canada, according to a press release.

The amended agreement allows the interest payment to be postponed to July 31 as the company executes the final steps to bring the new Hawkesbury thermal decomposition process facility to commercial operations.

The original $32.1 million loan executed on April 3, 2019 financed the construction of the company’s new turnkey thermal decomposition facility in Hawkesbury, Ont. that will process end-of-life tires to produce reusable resources.

The company began performing tests in the thermal decomposition department at the facility in January. The technical teams took corrective actions and continued testing to improve efficiency and accommodate larger payloads. The company expects to operate both reactors simultaneously in the coming weeks, gradually increasing reactor payloads to 15,000 pounds per batch and three batches per reactor every 24 hours.

The St. Laurent, Quebec-based Ecolomondo is a Canadian cleantech company which uses a Canadian-developed green technology process called Thermal Decomposition Process to convert hydrocarbon waste into marketable commodity end-products, namely carbon black substitute, oil, gas and steel.

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