Plascred receiving $2.35M funding from NRC IRAP

Executive Summary

• Plascred Circular Innovations Inc. has secured non-dilutive funding of up to $2.35 million from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) to support the engineering, staffing, and operating activities for its proposed commercial facility, Neos.
• The Neos facility is designed to process approximately 100 metric tonnes of mixed plastic waste per day into refined hydrocarbon condensate, serving as the commercial-scale version of the company's original pilot plant, Primus.
• This funding advances the commercial development of Neos, including engineering and design costs, while the company continues to pursue remaining construction funding, including previously announced grants of $5 million from Emissions Reduction Alberta (ERA) which become available upon construction commencement.

Key Details

• Funding Source: National Research Council of Canada Industrial Research Assistance Program (NRC IRAP).
• Funding Amount: Up to $2.35 million.
• Funding Type: Non-dilutive funding; provided in exchange for advisory services.
• Use of Proceeds: Engineering, staffing, and operating activities for the Neos facility; specifically advancing commercial development including engineering and design costs.
• Facility Specifications (Neos):
  • Capacity: Approximately 100 metric tonnes of mixed plastic waste per day.
  • Output: Refined hydrocarbon condensate.
  • Relationship: Commercial-sized facility based on the original pilot plant, Primus.
• Additional Funding Context:
  • Previously announced grants of $5 million from Emissions Reduction Alberta (ERA) are available when construction of Neos commences.
  • Company continues to pursue remaining construction funding pursuant to a previously announced PwC engagement.

Notable Quotes

• No direct quotes from management were included in the provided text.