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European Investment Bank Loans Ecoslops Up To €18M

European Investment Bank loans Ecoslops up to €18M

European Investment Bank Loans Ecoslops Up To €18MSource: Marseille Fos

Marseille, France (PortSEurope) February 11, 2019 – The EU’s European Investment bank (EIB) is to load €18 million ($20.37 million) to the French company Ecoslops. Ecoslops is implementing innovative technology to regenerate oil residues into new fuels and light bitumen.

The financing will be used for the company’s Marseille and Antwerp projects as well as for corporate research and development needs, up to 50% of the investment amount, in addition to traditional bank financing.

Such financing will allow the company to dedicate its current corporate resources (more than €7 million – $7.92 million – at the end of 2018) to the projects in Marseilles and Antwerp’s (Mini P2R, new P2R.).

Vincent Favier, CEO of Ecoslops said: “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. Concomitantly, Ecoslops is also honored to be selected in the ranking of Les Échos “Champions of Growth 2019”.

Ecoslops, is implementing innovative technology to regenerate oil residues into new fuels and light bitumen. The first industrial processing unit of Ecoslops, with an annual production capacity of 30,000 tons a year, is located in the port of Sines (Portugal). Other projects are being developed in Marseilles – La Mède (France), Antwerp (Belgium) and the Suez Canal region (Egypt). 

Source: Ecoslops

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