Dillingen /Saar, 15 November 2023 – Pyrum Innovations AG (“Pyrum”, the “Company”, ISIN: DE000A2G8ZX8) and BASF Antwerpen NV have today signed a new coöperation agreement. The agreement provides for a conditional loan of initially EUR 25 million, to be drawn in tranches, which will serve as start-up financing for the realisation of Pyrum Innovations AG’s concrete project pipeline until 2026. In addition, provided that Pyrum will have secured additional financing of EUR 50 million, for example in the form of corporate bonds via the capital market, loans or investments from partners of jointly planned plants, BASF will provide a further EUR 25 million as a loan to Pyrum under corresponding conditions.
The object of the agreement is the planning, project development and construction of at least three new plants, each with an annual capacity of 20,000 tonnes of end-of-life tyres, using the funds provided. Pyrum plans to use the funds in particular for the construction of the announced plant in Saarland as well as for the equity contribution and co-financing of up to five of the projects announced in recent months with financially strong partners. The aim of Pyrum and BASF is to significantly expand the Company’s production capacities.