Lummus Technology, a global provider of process technologies and value-driven energy solutions, and InnoVent Renewables announced the signing of a Memorandum of Understanding (MoU) to work toward licensing and deploying InnoVent's continuous tire pyrolysis technology globally.

"This is another significant step in expanding and strengthening our portfolio for the circular economy," said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. "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 an agreement outlined in the MoU, once finally negotiated, Lummus would serve as the exclusive licensor for InnoVent's proprietary continuous tire pyrolysis technology, which converts end-of-life tires into valuable products such as pyrolysis oil, gas, recycled carbon black and steel. Lummus would also act as the licensor for comprehensive technology packages that combine InnoVent's tire pyrolysis process with Lummus' downstream technologies to increase the value of fuel and chemical outputs.

"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," said Vibhu Sharma, Chief Executive Officer, InnoVent Renewables. "Together, we can transform waste into valuable resources, reduce carbon emissions and support the transition to a more sustainable future."