The Board of Scandinavian Enviro Systems has decided to immediately open a holding company in the USA to facilitate Enviro’s establishment of co-owned recycling plants on the US market.
Scandinavian Enviro to Establish US Holding Company
“Our new strategy means that Enviro wants to become part-owner of plants based on our technology as it provides good revenue opportunities. However, becoming a partner places other requirements on company structures, and it is from this perspective that the decision to establish a holding company in the US market should be seen”, says Thomas Sörensson, CEO Enviro.
As recently communicated, Enviro has signed a term sheet with US TreadCraft Carbon LLC regarding the establishment of a jointly owned plant for recycling of end-of-life tyres based on Enviro’s technology. The signing means that the parties agree on the main terms for a plant business such as scope of delivery, construction cost, payment and delivery terms.
Based on the term sheet, the parties are now negotiating the terms for a definitive agreement. At the same time, work is also underway to obtain supplementary agreements for the terms of the joint venture and license agreements. All negotiations are conditional on financing, a process that is ongoing in parallel.
“The decision to establish a holding company in the US is part of the process of creating the right conditions for final agreements and financing of the facility.”