Wedoany.com Report-Jun 4, Lummus Technology, based in Houston, and InnoVent Renewables have signed a Memorandum of Understanding (MoU) to collaborate on licensing and deploying InnoVent’s continuous tire pyrolysis technology worldwide. The agreement aims to address the global challenge of waste tire disposal while promoting sustainable product development.

Leon de Bruyn, President and Chief Executive Officer of Lummus Technology, stated: “This is another significant step in expanding and strengthening our portfolio for the circular economy. By combining InnoVent’s tire recycling technology with Lummus’ global licensing and engineering expertise, we will be addressing the global challenge of waste tires and creating new pathways for sustainable product development.”

Under the MoU, subject to final negotiations, Lummus will act as the exclusive licensor for InnoVent’s proprietary technology, which transforms end-of-life tires into valuable products such as pyrolysis oil, gas, recycled carbon black, and steel. Lummus will also license integrated technology packages that combine InnoVent’s tire pyrolysis process with its own downstream technologies to enhance the production of fuels and chemicals.

Vibhu Sharma, Chief Executive Officer of InnoVent Renewables, said: “Partnering with Lummus has the potential to accelerate the global deployment of our technology and help us address the environmental and public health challenges of 1 billion end-of-life tires that are disposed of annually. Together, we can transform waste into valuable resources, reduce carbon emissions and support the transition to a more sustainable future.”

InnoVent’s technology provides a comprehensive solution for converting waste tires into renewable fuels and high-value petrochemicals, covering all stages from pre-processing to purification. The company operates a commercial facility in Monterrey, Mexico, with the capacity to process up to one million passenger tires annually and plans for further expansion.

This partnership leverages Lummus’ global expertise and InnoVent’s innovative technology to tackle the environmental issue of tire waste, promote resource recovery, and support a transition to sustainable energy solutions on a global scale.