logo
Plus   Neg
Share
Email

Pyrolyx Stock Up On Deal With Continental For Supply Of Recycled Carbon Black

Shares of Pyrolyx AG gained around 6 percent in Australian trading after the company announced that it entered into a five-year Recovered Carbon Black or rCB supply agreement for Continental AG's (CTTAY.PK) tire manufacturing facilities.

Under the deal, Pyrolyx, which is engaged in the recovery of rCB from used tires, plans to deliver 10,000 tons per year within next five years.

The company said it expects to absorb over 3 million end-of-life tires and to save more than 25,000 tons of CO2 emissions annually compared to traditional carbon black under this agreement.

The supply agreement will support Pyrolyx's growth with additional manufacturing facilities in North America and Eastern Europe.

In Australia, Pyrolyx shares were trading at A$0.90, up 5.88 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Toyota Motor Corp. has invested $394 million in U.S. electric air-taxi startup Joby Aviation as lead investor in the recent $590 million Series C financing. Toyota said it is continuing to leverage emerging technologies to provide "Mobility for All" as the lead investor as part of its transformation into a mobility company. As the world is facing severe consequences of increasing carbon emissions, Microsoft has announced various plans to tackle the issue. The company aims to reduce its own carbon emissions by more than half, and to be carbon negative by 2030. This means the company will remove more carbon than it emits each year. The company further announced a new $1 billion Climate Innovation Fund. With a view to expanding its presence in France, where it has been doing business for more than 100 years, Food and beverage giant Coca-Cola Co. (KO), during the Choose France Summit, announced 1 billion euros of investments in the country over the next five years. Coca-Cola Chairman and CEO James Quincey and President Emmanuel Macron is scheduled to elaborate on the plans in September.
Follow RTT
>