Adama Seeking EU Funds for Romania Tyre Recycling Project

On September 13 Israel based clean tech company Adama Technologies Corporation announced the signing of a Letter of Intent with entrepreneurs in Romania to establish a series of tyre recycling facilities. The company anticipates the establishment of these plants will be partially facilitated through European Union and local government funding. Expected annual revenues from this new project are in excess of 100 million euros.

“With the substantial aid of the EU and governmental funding, the establishment of tyre recycle factories is expected to generate a breadth of new jobs in the country and further development of untapped markets in the region,” Adama Technologies states in a press release. The company says the tyre recycling facilities will be the first of their kind in Romania and the first plant will open next year, with three additional sites set up in 2012.

“The letter of intent we have signed is very important to us and we are very happy with this achievement,” noted Adama Technologies CEO Aviram Malik. “Adama’s cooperation with Romania and the EU marks a significant milestone in the company’s goals to expand technology portfolio and open additional markets across the globe.”