€18m financing for Ecoslops projects

Port of Antwerp Port of Antwerp. Arminius [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0/)]

Ecoslops has secured a financing agreement with the European Investment Bank (EIB) for up to €18m to help develop projects including its micro-refinery unit in the Port of Antwerp.

The financing will be used to further progress the micro-refinery unit, designed to treat at least 60,000T of slops per year, and Ecoslops’ oil residue waste processing unit with Total Group in La Mède, near Marseilles, as well as for corporate R&D needs. The agreement involves up to 50% of the investment amount for projects, in addition to traditional bank financing.

Vincent Favier, CEO of Ecoslops declared: "Ecoslops is proud to be able to count on the EIB and its teams to support it in its European development. We welcome the recognition by a major European Union institution of the environmental excellence of the Ecoslops solution which sets up a virtuous circular economy model in the context of energy transition.

“Ecoslops promotes a lower consumption of primary fossil energy and reduces CO2 emissions through the reuse of available hydrocarbon waste. Ecoslops' financial situation is therefore stronger - this will enable us to pursue our plans of growth in order to remain world leaders in our markets.”

Ecoslops worked with Antwerp Port Authority (ATPC) to create the micro-refinery unit, which is designed to enable the regeneration of collected residues in the ARA zone (Amsterdam, Rotterdam, Antwerp) by local slops collectors. The unit also enable shipowners to trace slops disposal and support long-term sustainability for the slops collection industry.

The financing will allow the company to dedicate resources to newer projects including the Mini-P2R, a containerised revalorisation unit for oily residues and intended for all medium-sized ports.

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