Green Distillation Technologies (GDTC), who has developed a proprietary process to convert End of Life Tyres (ELT) into the saleable commodities of carbon, oil and steel, profitably, with no waste and a negative carbon footprint, have recently revised their capital raising opportunity and welcomed MTAQ – the Motor Trades Association of Queensland in committing a further $1.5m in the current raise of $5m at a discounted equity price.
In addition to the Australian Government legislation, which bans the export of whole baled tyres, it was announced in January 2022 that the Indian Government plans to prohibit the import of waste tyres destined for pyrolysis plants. This is a significant initiative that will affect the international waste tyre market but it will also further add to the volumes that will require processing here in Australia. This is a real positive for GDTC.
The capital will be used to expand their Warren plant to 50% capacity and be able to operate 24/7 and generate revenues from tyre disposal fees, and the off-take products of oil, carbon and steel. A further raise via IPO will be held in 2023.
Learn more about the GDT process by watching this video here.
About Green Distillation Technologies
Green Distillation Technologies (GDT) is an Australian company that has developed and proven a proprietary process that converts end of life tyres into 3 saleable commodities of carbon, oil and steel. In Australia 26 million waste tyres are generated each year and if discarded will take at least 300 years to biodegrade. In 2020 Tyre Stewardship Australia estimated that 71% of ‘on road’ waste tyres were exported. In December 2021, the Federal Government ban on exporting waste tyres will see the doubling of volumes to be processed in Australia.