Elysium Nordic (the "Company" or “EN”), provides an update on the financing, engineering, partners, and market of the first two end of life tyre (“ELT”) recycling plants being built in Nyborg Denmark. Each plant will eventually process 100 metric tons per day of waste tyres.

Financing
The Company has retained Green Giraffe, a leading renewable technologies financial advisor, to assist them in raising capital for the Nyborg plants. The company has now approached or been approached by a selected group of infrastructure and financial investors, who have a mandate to invest in large ESG projects and have indicated their clear interest in receiving EN’s information package.

Jens Elton Andersen, the Company’s CEO, said “we are pleased with the progress to date and the significant interest we have received. We expect to receive a non-binding offer before the end of the year for the first plant and expect to close on that financing in the first quarter of 2022”.

Engineering and Technology
Each year, 25 million metric tons of ELTs are generated globally, making used tyre one of our planet’s major recycling issues and a significant green house gas contributor. At least a third of these tyres are incinerated. Incineration of ELTs is a low-cost alternative to fossil fuels but does not provide a sustainable long-term recovery solution. Incineration destroys all the highly valuable commodities that could be unlocked within a used tyre and produces a significant amount of green house gas. Each plant will recycle 30,000 metric tons of ELT’s per year, to reclaim and market valuable commodities, oil (biofuel), recovered carbon black (rCB), steel and heat. These plants will each have an estimated annual CO2e savings of 52,000 metric tons by replacing the production of virgin products and will be fully circular.

Partners
Elysium Nordic has partnered with Environmental Waste International Inc. (TSXV: EWS) to license their Hybrid Microwave process, a cost effective, profitable, and environmentally friendly process. As well, a global industrial partner will act as technical and engineering sponsor to EN, with the potential for a long-term collaboration. In addition, the Company has managed to obtain supply agreements covering complete deliveries for the whole plant including an experienced EPC consortium.

Market
Demand for the products by far exceeds the production capacity of Elysium Nordic. The rCB production from the first plant amounts to less than 0.1% of carbon black traded on the global rubber market. Regarding feed stock the 30,000 metric tons of ELT processed annually by each plant represents only 0.2% of the used tyres available each year. The total number of used tyres scrapped each year in the world would cover almost the entire state of New York. This is a big problem, and Elysium Nordic has the right technology and team to deal with it.

For more information please visit:
www.windspace.dk
www.elysiumnordic.com

Or contact:
Jens Elton Anderson Partner CEO
+4520148322
jea@windspace.dk

WindSpace is pleased to announce that the Nyborg Municipality has today granted an updated environmental permit to its Elysium Nordic project including planned adjustments and improvements of processes and technology of the plant.

Jens Elton Andersen, CEO of Elysium Nordic, says: “We are very pleased that we have obtained this updated environmental permit which allows for improvements to the plant and to the environment.”

Nyborg Municipality granted environmental permit for the Nyborg plant on October 30^th, 2020. This permit has now been amended to include planned adjustments and improvements. The improvements include:

• increased energy efficiency
• zero wastewater discharge
• improved quality of recovered materials

The permit conditions from the original environmental permit remain in force.

The updated permit is an important milestone towards construction of the plant expected to start in 2022 and to be operational from 2023. The Nyborg plant is initially expected to be able to create 35 jobs.

The Elysium Nordic plant is a circular economy facility that will convert 30,000 tons of used tires per year to carbon black, bio-oil, and metals which can all be recycled to make new tires and avoid a significant amount of CO2 emission per year. All major tire manufacturers have significant strategic targets for the use of recycled materials for their future tire production. This entails a need for the construction of a significant number of similar plants within EU.

Elysium Nordic has earlier announced that it has obtained the EU-wide exclusive use of pyrolysis technology from the Canadian company Environmental Waste International Inc.
Elysium Nordic considers their technology pioneering with the use of a combined heat & microwave-based technology. This process results in even cleaner recovered end products.

In connection with the financing, Elysium Nordic has entered into an agreement with the specialist advisory firm focusing on the renewable energy sector, Green Giraffe for raising capital for the construction of the facility.

In connection with Elysium Nordic's plans to build a pyrolysis plant at Nyborg Harbor, Nyborg Municipality has on 30 November announced final environmental approval of the project.

The environmental approval is an important element in the planning of the construction of the plant, which according to the plan will be built from next year and be ready in 2023 at Nyborg Harbor. The plant is initially expected to be able to create 35 jobs in the area.
The project will convert 30,000 tonnes of used car tires per year to the carbon variant carbon black as well as bio-oil and metals, which can all be recycled to make new tires. All major tire manufacturers have specific objectives for the use of recycled materials in their production of car tires, and it is therefore expected to entail a need for the construction of a significant number of similar plants within the EU area in the coming years.

Earlier this year, Elysium announced that we had obtained the EU-wide exclusive use of Pyrolysis Technology from the Canadian company Environ mental Waste International, EWI Inc. (http://www.ewi.ca/). In connection with the agreement on the exclusive right, Elysium Nordic has also decided to invest in EWI Inc, as we consider their technology pioneering with the use of microwave-based heating instead of traditional heating. This process takes place at much lower temperatures with resulting in cleaner end products (recovered carbon black, oil and metals). It is thus our expectation that Elysium Nordic will eventually build several similar plants within the EU area.

The final design of the factory is also nearing completion, and negotiations have begun with the contractor for the construction. In addition, p.t. with potential investors about the project. In connection with the financing, Elysium Nordic has entered into an agreement with the specialist advisory firm focusing on the renewable energy sector, Green Giraffe (www. Https://green-giraffe.eu/) on the provision of the funds for the construction of the facility.

Jens Elton Andersen, CEO of Elysium Nordic, says: “We are very pleased that we have obtained the environmental approval, which comes after a value adding and constructive process with actors around the project including the neighbors to the area, Nyborg Municipality, Region South and Danish Nature Conservation Association - and we look forward to getting the last things in place around the construction of the facility so we can begin construction. ”

Elysium Nordic has mandated Green Giraffe to raise financing for a tire recycling plant, and to arrange a long-term partnership with investors for future plants. The company has acquired permits to build and operate the first plant and in Nyborg Denmark. Combined with advanced negotiations on construction, supply and offtake, the company is now ready for a capital increase, that will enable start of construction during first half of 2021. Elysium Nordic will contribute to the circular economy, as the recycling plant will process 30,000 tonnes of end of life tires to produce recovered carbon black, oil, and steel with an estimated over 36,000 tonnes of CO2e savings annually. Scaling up of the recycling process has been secured under an exclusivity agreement with the technology provider for future plants in Europe.

Jens Elton Andersen, CEO of WindSpace said, “we are very pleased to enter this agreement with Green Giraffe, taking the project forward to potential investor partners for the realization of the first Elysium Nordic plant. Green Giraffe, a well-known advisory firm within green tech with an impressive track record and global presence is the perfect advisor for Elysium Nordic at this stage of its development.”

Michael Ware, Director at Green Giraffe, said, “Green Giraffe has long been involved in fundraisings for energy projects including generation from waste. In the past few years, we have started expanding our activities to other sustainability sectors and technologies in which we believe. The Elysium Nordic project’s compelling business case is an opportunity to tap into a niche market with significant growth potential. We are very pleased to enter this collaboration with Elysium Nordic and WindSpace. They have an excellent track record of bringing quality projects to the market”

About Green Giraffe
Green Giraffe is a specialist advisory firm focused on the renewable energy sector launched in 2010. Green Giraffe which has been involved in approx. 200 renewable energy transactions or projects with a total capacity of ~60 GW has raised the last 10 years close to EUR 30 billion for renewable energy projects. Green Giraffe was also involved in the 175MW Björkvattnet wind park project in Sweden, developed by WindSpace, having produced its first kWh and fully operational during 1Q 2020.
With offices in Boston, Cape Town, Hamburg, London, Paris, Singapore and Utrecht, it offers project equity and non-recourse debt structuring, buy-side and sell side advisory, tender support, project contracting support, market intelligence and modelling/valuation services. In October 2019, Green Giraffe entered a joint venture agreement with Daiwa Securities, whereby Daiwa took a 50% stake in the company. Green Giraffe retains its well-known brand in the renewable energy market with DC Advisory (Daiwa's M&A practice) and Green Giraffe working together to bring their complementary strengths and skills for all clients.

A plant in Nyborg, Denmark will be the first under the agreement. The agreement also includes a long-term partnership between the companies and a mutual exclusivity agreement for the development and installation of waste tire recycling plants across Europe.

WindSpace has been working on the establishment of Elysium Nordic, a tire recycling project in Nyborg, Denmark since 2018. After an exhaustive search and thorough evaluation it decided to conclude the agreement with EWS. Both companies are delighted to see this partnership formalized. The partnership is a perfect match between the project development and execution capabilities of WindSpace and EWS’ technology and experience in recycling waste tires.

EWS has developed a proprietary system for processing rubber tires via a unique microwave technology that safely processes and recycles waste tires, while recovering highly valuable commodities, including reclaimed carbon black (rCB), steel, syn gas and oil.Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator.

Commercialization of EWS’ Reverse Polymerization™ technology represents a momentous breakthrough in dealing with one of the world’s most stubborn waste problems in an environmentally friendly manner.

The first Elysium Nordic plant in Nyborg will be capable of processing 30,000 tons of end-of-life tires annually.

Jens Elton Andersen, CEO of WindSpace said, “We are very happy to enter the tire recycling business in partnership with EWS. We chose EWS after an exhaustive two-year search for the best available technology both from an economic and environmental perspective. We are looking forward to a long and successful partnership in Europe.”

Bob MacBean, EWS CEO said, “We are delighted to have WindSpace as our partners in Europe. This endorsement from a sophisticated and experienced group is an important milestone which confirms our belief that our technology is the best-in-class solution to the worldwide reclamation of waste rubber problem. The timing seems right for our long-term developmental efforts to be rewarded. We are currently in various stages of discussion with prospective customers or partners around the world, which underscores the global nature of the problem and the attractiveness of our solution.”

Download: EWI press release

Every year, one million end-of-life tires get incinerated across EU countries instead of being recycled. However, the Danish company Elysium Nordic wants to address the issue by building one of the world's largest pyrolysis plant for recycling tires at Nyborg Harbor. The plant will be one of the first to be able to recycle the material carbon black, which is irreplaceable in the production of, among other things, tires, and other rubber-based materials. According to the plan, the plant will be completed in 2021, where it will employ around 30 employees.

52,000 tons. That much CO2, an upcoming pyrolysis plant at Nyborg Harbor will save the atmosphere every year when it starts recycling used tires in 2021. This corresponds to emissions from the production of 1,237 tons of beef or 211 million kilometres in a new car.

The reason for the large CO2 reduction is that the plant will be able to recycle 9,000 tons of carbon black from the 30,000 tons of tires it will handle per year. Carbon black is a black powder of carbon, which is mainly produced by oil. Depending on the process, somewhere between 1.5 and 2 kilos of oil is required to produce one kilo of carbon black. An oil consumption that can be avoided if carbon black is instead recycled from end-of-life car tires.

“We want to help create a more circular and thus far more sustainable and financially reasonable approach handling end-of-life tires. With this plant, we have taken the first step,” says Jens Elton Andersen, CEO of WindSpace A / S, which is responsible for Elysium Nordic's recycling project.

It is no coincidence that one of the world's largest pyrolysis plant will be located at Nyborg Harbor. Nyborg Harbor's central location offers several logistical advantages, where Elysium Nordic can have tires sailed right to the door and subsequently can easily transport the recycled materials to customers though the well-functioning infrastructureincluding the highway.

“In recent years, ADP has attracted several new companies to the city, which have created growth and jobs. This means a lot to a city like Nyborg, and we are therefore pleased that we have succeeded in attracting Elysium Nordic through a great effort and advices,” says Rune D. Rasmussen

The plant will cost about DKK 300 million to build, and when it will be completet in 2021, it will employ about 30 people. The mayor of Nyborg Municipality, Kenneth Muhs, is looking forward to more jobs that will be created, but he is just as pleased with Elysium Nordic's green profile.

“Denmark has a goal of having a more circular economy, and therefore I am proud that we can get one of the companies that come with the technology of the future to settle right here. I see this as a cementing of our position as one of the most attractive municipalities in the country to start a business in,” says Kenneth Muhs.

We had the opportunity to meet our neighbors, journalists and municipality representatives, including members of the town council and the mayor Kenneth Muhs from Nyborg Kommune, who joined us to hear about our plans to install an innovative cleantech facility and bring new value from end-of-life tires to Nyborg.

We were excited to share our plans for the project, our view on the importance of cleantech initiatives and circular economy, how we contribute to 4 different SDGs and how Elysium Nordic will help reducing CO2 emissions.

The meeting was very interactive with many relevant questions and concerns from the neighbors, we had the opportunity to address. It is a top priority for Elysium Nordic also to have a positive impact in the local community.

More than one million tons end-of-life tires are incinerated yearly across Europe representing a massive loss of value in the process. Elysium Nordic will provide a more sustainable solution to handle end-of-life tires by recovering the valuable carbon black and other materials.

Learn how the experience from the renewable energy industry combined with new technologies will enable a circular approach to handling end-of-life tires along with providing the rubber goods and tire industry with recycled and less CO2-intensive carbon black for their products.