EQS-News: Pyrum Innovations AG publishes results for the first nine months of 2022EQS
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EQS-News: Pyrum Innovations AG
/ Key word(s): Quarterly / Interim Statement/Quarter Results
Pyrum Innovations publishes results for the first nine months of 2022
Dillingen / Saar, 30 November 2022 - Pyrum Innovations AG ("Pyrum"), a pioneer in the sustainable recycling of end-of-life tyres (ELT) based on its patented pyrolysis technology, today published its consolidated interim report for the period from 1 January to 30 September 2022. Total output increased sharply year-on-year in the first nine months of 2022 – by over 600% to EUR 14,156 thousand (9M 2021: EUR 2,007 thousand). This development resulted primarily from the increase in own work capitalised in the amount of EUR 13,171 thousand (9M 2021: EUR 1,319 thousand) as part of the ongoing plant expansion in Dillingen.
Compared to the first three quarters of the previous year, revenue increased by 5.3% to EUR 714 thousand (9M 2021: EUR 678 thousand). Pyrum deliberately included a large part of the coke produced in the inventory in anticipation of significantly higher sales prices after the commissioning of the new pelletising plant. The pelletising plant is part of the construction of two new production lines at the main plant in Dillingen, for whose future operation Pyrum has already received the official approval.
Other operating income also increased in the reporting period by 25.6% to EUR 1,074 thousand (9M 2021: EUR 855 thousand). The reason for the increase was primarily income from the area of research and development. Here, research grants of EUR 930 thousand (9M 2021: EUR 510 thousand) were realised, especially for the European project "BlackCycle" for the efficient recycling of used tyres. The consolidated result in the first nine months of 2022 was EUR -5,675 thousand (9M 2021: EUR -6,829 thousand).
Pascal Klein, CEO of Pyrum Innovations AG: "We were able to take further important steps as part of our ambitious rollout plans and we are working with our partners to establish a sustainable circular economy for end-of-life tyres. Regarding the expansion of our main plant in Dillingen, we received the official operating permit at an early stage and will thus be able to serve the already high demand for our products even better in the future."
Pyrum Innovations AG's Consolidated Interim Report for the first nine months of 2022 is available on the company's website at https://www.pyrum.net/en/investors/financial-publications/.
About Pyrum Innovations AG
Pyrum Innovations AG is active in the attractive recycling market for end-of-life tyres with its patented pyrolysis technology. Pyrum's pyrolysis process is energy self-sufficient and, according to the Fraunhofer Institute, saves significantly more CO2 emissions than today's standard recycling processes for end-of-life tyres - especially compared to incineration in cement plants - and produces new raw materials such as pyrolysis oil, gas and recovered carbon black from the waste used as input materials. In this way, Pyrum closes the recyclable material loop and pursues a completely sustainable business model. As a pioneer, Pyrum Innovations AG was the first company in the end-of-life tyre recycling sector to receive REACH registration from the European Chemicals Agency (ECHA) for the pyrolysis oil it produces. This means that the oil is recognised as an official raw material that can be used in production processes. In addition, Pyrum has received ISCC PLUS certification for the pyrolysis oil and the recovered carbon black. Both products are thus considered sustainable and renewable raw materials. These achievements have also been recognised by international experts in the tyre industry. For example, Pyrum won the Best Tyre Recycling Innovation category at the inaugural Recircle Awards and has been nominated for the “Grand Prix Mittelstand” (“Großer Preis des Mittelstandes”) from the German state of Saarland.
Pyrum Innovations AG
30.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
|Company:||Pyrum Innovations AG|
|Phone:||+49 6831 959 480|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Munich|
|EQS News ID:||1500827|
|End of News||EQS News Service|
1500827 30.11.2022 CET/CEST