A Norwegian firm in the process of building a tyre recycling plant in Sunderland has secured £33m ($43m) investment towards the project.
Wastefront is setting up a Port of Sunderland facility that it hopes will process 80,000 tonnes of tyres per year once at full capacity. The Oslo firm has now got the financial backing of Dutch energy storage operator VTTI and an agreement to jointly set up another eight global sites yet to be decided.
The multimillion-pound sum will be put towards the first phase of construction of Wastefront's North East plant, which has already earned an offtake agreement with European rubber distributor Weber & Schaer for its recovered carbon black material. Building work on the plant will start this year with plans to be operational by 2026.
