After several years of planning, Scandinavian Enviro Systems’ recycling facility in Sweden took a further step towards reality yesterday with a groundbreaking ceremony at the plant site in Uddevalla. Enviro, Antin Infrastructure Partners, and Michelin finalised the investment decision for the plant just under a week earlier.
On 5 February 2024, Fredrik Emilson will succeed Thomas Sörensson as chief executive officer of Scandinavian Enviro Systems (Enviro). On this date, Sörensson will transition to the position of senior advisor.
With the hiring of two new team members, Scandinavian Enviro Systems speaks of completing the “key recruitments central to its future expansion.” The company also shares that extensive preparatory work has delayed the start of construction at its joint venture tyre recycling plant in Uddevalla, Sweden.
Scandinavian Enviro Systems has raised SEK 300 million (£23.4 million) via a directed share issue and intends to use 75% of this to acquire shares in the previously announced, Michelin-supported joint venture with Antin Infrastructure Partners and to finance the JV’s first plant. The remaining 25% will finance Enviro’s operations for at least 24 months.
On 29 March, Scandinavian Enviro Systems and Antin Infrastructure Partners announced the formation of a joint venture. Michelin is supporting this JV, which it expects will “create the world’s first large-scale tyre recycling group.”
A business that claims a nearly endless market to conquer with projected EBITDA margins approaching 70 per cent is either deluded or on to a good thing. And as the deluded don’t receive substantial investment from firms such as Michelin, the latter must apply in the case of Scandinavian Enviro Systems (Enviro). The company aims to be the leading player in the circular economy for tyres and wants to secure a 15 to 30 per cent share of the global market for recovered carbon black. The UK is tipped to be an early beneficiary of these ambitious growth plans.
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