Published June 21, 2012
Tirex Corp., based in Norwalk, Conn., says its joint venture agreement with Wyoming Corporate Headquarters, of West Columbia, to recycle scrap tires remains in good standing.
"While the financing needed to support the conditions of tire collection and the installation of a TCS system in Tennessee are still pending, we remain optimistic and will continue to pursue it with our partner WCH," said John L. Threshie Jr.,Tirex president.
Tirex still needs to file quarterly and annual reports for 2010 and 2011 to become current with the SEC, Threshie said. The reports have been delayed by funding for an audit.
Funding for the venture is a “work in progress,” Threshie said. “Private equity is hard to come by these days for commercially unproven technology for startups. That said, our partners in this JV (joint venture) and Tirex management are confident it’s attainable.”
Wyoming, a consultant firm that assists clients’ research and development of renewable energy products, is the majority owner of Altgen LLC of Evanston, Ill. The company has received a license from Tennessee to collect, store and process used and rejected tires at a 100,000-square-foot facility in the Memphis, Tenn. area.
Tirex's TCS-2 tire recycling system has been selected to be used at the Tennessee plant. The TCS process freezes scrap tire pieces with cold air — as opposed to liquid nitrogen — and then fractures the rubber into granules instead of cutting and shredding it. The process also separates the marketable strands of steel and fiber from the frozen ground rubber.
The venture, announced in January, marks the first commercial application of the TCS system, officials said.