PlasCred Circular Innovations Secures Key Offtake Agreement and Advances Neos Facility

The latest announcement is out from Cover Technologies ( (TSE:PLAS) ).

PlasCred Circular Innovations Inc. announced its 2024 year-end results, highlighting a transformative year with key milestones including a significant five-year offtake agreement with a leading Global Commodities Company for its Neos facility. This agreement secures long-term revenue and market validation for PlasCred’s Renewable Green Condensate™, a proprietary low-carbon hydrocarbon feedstock. The Neos facility, strategically located at CN Rail’s Scotford Yard in Alberta, is set to commence construction in early 2026, pending regulatory approvals and financing. It will process 100 metric tonnes of plastic waste daily, significantly contributing to Canada’s environmental goals by reducing greenhouse gas emissions. PlasCred also secured a $500,000 grant from Alberta Innovates to optimize its catalytic pyrolysis process, supporting the commercialization of the Neos facility. The company is actively pursuing a blended financing strategy to secure the necessary funds for the Neos project, with construction contingent on full financing.

More about Cover Technologies

PlasCred Circular Innovations Inc. is a Canadian clean technology company focused on transforming plastic waste into renewable industrial hydrocarbon feedstock. The company operates in the clean technology industry and aims to contribute to the circular economy by producing low-carbon hydrocarbon feedstock for virgin plastics production.

Average Trading Volume: 134,632

Technical Sentiment Signal: Sell

Current Market Cap: C$2.38M

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