trending Market Intelligence /marketintelligence/en/news-insights/trending/swtv81gkdwxin-29stz3ga2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Arrowstar Resources to acquire rubber, plastics recycler for US$5M

Industry Top Trends 2021: Metals and Mining

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

Arrowstar Resources to acquire rubber, plastics recycler for US$5M

Vancouver-based Arrowstar Resources Ltd. intends to acquire 100% of Recycle Fuel Technologies Inc., a company that plans to recycle used vehicle tires, technical rubber and plastics and convert them to energy and graphitic carbon black, according to a June 13 news release.

Arrowstar will pay a total of US$5.0 million in cash and shares to the beneficial owners, Carlos and Lucian Sorentino. Recycle Fuel Technologies intends to develop, construct and operate plants based on its proprietary thermolysis depolymerization technology that enables recycling of used vehicle tires, technical rubber and plastics.

The company already has a pilot plant with a capacity of 500 tonnes per year in Eisenhüttenstadt near Berlin, Germany. The first commercial plant is expected to have a capacity of 24,000 tonnes, expandable to 48,000 tonnes.

Arrowstar plans to conduct a financing to raise C$5.0 million at 20 Canadian cents per share to fund the acquisition, commissioning the pilot plant, plant engineering and for general working capital.

Following the transaction, the company intends to change its name to Recycle Fuel Technologies Inc. As part of the deal, Carlos Sorentino will join Arrowstar as president, CEO and director.