Successful Separation of Bioleum
Completed separation of Bioleum in May, achieving independent and separate funding by strategic investors, and progressing towards full deconsolidation from financials.
Strong Funding and Debt Reduction
Raised $30 million in gross proceeds, with a net of $27.6 million, increasing cash position to over $45 million. Negotiated with largest debt holder to convert $8.4 million promissory notes to equity.
Profitable Solar Panel Recycling Business
Developed a novel solar panel recycling technology, generating revenue through tipping fees and sale of recovered materials, with variable costs less than 7% of revenue.
Expansion Plans for Metal Recycling
Plans to increase capacity with a new facility capable of processing 3.3 million panels per year, with an emphasis on rapid expansion and market capture.