Big win for billionaire-backed tyre recyclerEntyr

Queensland tyre recycling company Entyr has hit the road in a big way after securing an offtake deal with global commodities trader Trafigura.

ASX-listed recycling company Entyr has hit the road in a big way after securing a offtake deal with global commodities trader Trafigura.

Founded in 2011, penny-stock Entyr – which lists among its shareholders a company associated with billionaire investor Alex Waislitz – has so far processed three million tyres using a patented thermal process from which oil and carbon black is derived. This is then used in commercial asphalt mixes across roads in southeast Queensland.

The company has invested more than $40m over 12 years developing the technology.

Entyr chief executive David Wheeley said the offtake deal with Singapore-based Trafigura provided a strong platform for growth and would help fund the construction of a fully-commercial plant at Stapylton, south of Brisbane.

Entyr shares closed on Friday at 1.5c, valuing it at $30m, and are up 67 per cent since the deal was announced last week.

According to Entyr’s annual report, Waislitz-linked Jasforce Pty Ltd holds 48 million shares, or 2.44 per cent of the company.

Mr Wheeley said the Stapylton plant would be able to handle two million tyres a year.

“Waste tyres are one of the world’s biggest environmental challenges and in Australia alone over 80 per cent are sent to landfill, burnt, or exported overseas for burning,” he said.

“This collaboration with Trafigura will support our technology to be scaled up addressing this global issue while developing high-quality products.”

Trafigura is the world’s largest private metals trader and the second-largest oil trader.

In its annual report, released in October, Mr Wheeley said Entyr was working towards the development of a second site, to be followed by three others planned for the Australian market. “International expansion to 10 sites is intended to proceed with our strategic partnerships.”

He told the Bell Potter Environment Conference last month that 56 million used tyres were disposed of in Australia each year, 86 per cent of which were exported to be burnt, dumped or buried.

“Our patented thermal desorption technology cleanly converts end-of-life tyres into valuable products, (fuel, carbon, steel) using heat in an oxygen- free environment,” he said. “We are a complete environmental and circular solution.

Entyr, previously called Pearl Global, posted a net loss of $10.2m for the year to June 30, a deterioration from $8.5m in red ink 12 months earlier. Revenue climbed from $2.9m to $5.4m for the financial year.

Last week the company also announced that it had received $9.34m for its research and development tax incentive for the past financial year.

But in the annual report auditors Pitcher Partners said there was material uncertainty related to the company’s ability to continue as a going concern, noting its $7.6m in cash outflows last year and cash balance of $1.34m.

Buyer Beware

With e-scooters set to be a Christmas favourite under the tree this year, local law shop Travis Sculttz & Partners is urging shoppers to be aware of the potential liability and costly consequences of this particular gift. TSP special counsel Greg Spinda says that if you choose to ride an e-scooter out of your driveway on Christmas morning, you do so at your own risk. Spinda says that in Queensland, e-scooters are not required to have Compulsory Third Party (CTP) insurance. Many people therefore don’t realise that in the event of an accident, the at-fault rider will likely have to pay injury compensation.

Travis Schultz

With some e-scooters reaching speeds of 80km per hour, the joy of racing along pedestrian footpaths and roads can quickly evaporate for riders who find themselves colliding with a pedestrian, cyclist or motorist. While the popularity of e-scooters soars, so do the injuries, according to the Queensland Injury Surveillance Unit (QISU), who record an average of 100 new e-scooter patients each month.

We hear TSP founder Travis Schultz (illustrated) will not be going anywhere near a scooter over the holidays, with the cricket fan and wine expert preferring to watch the Boxing Day Test over a good red. Smart move.

Comlink hire

Health and fitness executive Elaine Jobson, who recently led the management buyout of Jetts Fitness, has been appointed as the new chair of aged care provider Comlink Australia. Jobson has served on the board of Sunshine Coast-based Comlink for the past two years and has accepted the chair role as the organisation places a stronger focus towards becoming an industry leader in the healthy ageing sector.

Jetts Fitness Australia CEO Elaine Jobson

Wheelie good cause

Non-profit industry group Centre for Organic Research & Education (CORE) has inked a five-year partnership with the Queensland Department of Environment and Science aimed at boosting the market for products made from recycled organic material. CORE chief executive Chris Rochfort says under the agreement, CORE will work with farmers in townships within the Great Barrier Reef catchment to reduce urban run-off impacts, using recycled waste collected from household wheelie bins.