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Cover Technologies ( (TSE:PLAS) ) has provided an update.
PlasCred Circular Innovations Inc. has secured a non-binding term sheet from the Business Development Bank of Canada for up to $8.5 million in senior debt financing, complementing a $5 million grant from Emissions Reduction Alberta. This funding supports the construction of the Neos commercial facility in Fort Saskatchewan, designed to process 100 metric tonnes of plastic waste daily into 500 barrels of Renewable Green Condensate™. The facility, strategically located at CN Rail’s Scotford Yard, will help divert 36,500 tonnes of plastic waste annually and is projected to avoid 51,000 tonnes of CO2 emissions. With a five-year offtake agreement at $120 per barrel, the project promises a stable revenue stream and positions PlasCred as a leader in Alberta’s circular plastics economy.
More about Cover Technologies
PlasCred Circular Innovations Inc. is an Alberta-based clean technology company focused on advanced plastic recycling. The company specializes in converting post-consumer plastic waste into Renewable Green Condensate™, a low-sulphur, low-carbon circular naphtha used for virgin plastic production, with a strategic focus on scalable, low-carbon plastic circularity.
Average Trading Volume: 116,878
Technical Sentiment Signal: Hold
Current Market Cap: C$10.01M
For a thorough assessment of PLAS stock, go to TipRanks’ Stock Analysis page.