- PlasCred Circular (CSE:PLAS) is on track to making a final investment decision (FID) on its Neos facility in Calgary, one of Canada’s newest commercial recycling facilities.
- Pre-FID detailed engineering work in partnership with Grey Owl Engineering is now underway.
- The micro-cap stock last traded at C$0.14 and has added 141.67 per cent year-over-year.
PlasCred Circular (CSE:PLAS) is on track to making a final investment decision (FID) on its Neos facility in Calgary, one of Canada’s newest commercial recycling facilities, having recently kicked off pre-FID detailed engineering work in partnership with Grey Owl Engineering, an engineering, procurement and construction management firm with a nearly 40-year track record ushering pipeline, water treatment, leak detection, energy transition and sustainability projects in Western Canada from design through construction.
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The project, PlasCred’s first commercial-scale recycling facility, will be designed to process 100 tons per day of mixed, hard-to-recycle plastic waste, yielding about 500 barrels per day of hydrocarbon condensate suitable for new plastics production.
According to Wednesday’s news release, the facility will eliminate 51,000 tons of CO₂e per year, differentiating itself from traditional mechanical recycling, which requires “clean, sorted, single-resin streams,” by being able to process mixed, hard-to-recycle plastic waste into products that make the plastics value chain more sustainable.
Neos’ planned production is under a five-year, fixed-price offtake with a global commodities firm at C$120 per barrel, with rail integration at the facility’s location in CN’s Scotford Yard setting the company up to ramp up revenue as soon as operations kick off.
Scotford Yard is located in Alberta’s Industrial Heartland, a top North American hydrocarbon processing center, hosting more than 40 operators representing more than C$50 billion in capital investment.
Next steps for Neos include detailed engineering deliverables, procurement considerations, constructability review, vendor engagement, schedule refinement and cost definition to support a Class I estimate and FID.
Funding towards these ends include a recently closed C$6,684,370 non-brokered private placement, plus C$15.85 million of non-dilutive and debt support in place from National Research Council of Canada, Emissions Reduction Alberta and the Business Development Bank of Canada, complementing the facility’s strong commercial foundation and clear pathway to near-term construction.
Leadership commentary
“Grey Owl has worked with PlasCred from the Primus pilot through to Neos,” Dean Quirk, President of Grey Owl Engineering, said in a statement. “We know the process, we know the work and we know what has to get done. This next phase is about finishing the detailed engineering and getting Neos ready to break ground.”
“Starting detailed engineering is a major step in moving Neos toward construction readiness,” added Troy Lupul, President and Chief Executive Officer of PlasCred. “Neos brings together the key elements investors look for in a commercial infrastructure project: validated technology, contracted production, strategic rail logistics, experienced engineering support and a clear path towards execution. With Grey Owl now advancing the detailed engineering package, we are focused on moving Neos towards a disciplined final investment decision.”
About PlasCred Circular Innovations
PlasCred is an Alberta-based company developing a recycling facility designed to convert mixed plastic waste into hydrocarbon condensate for virgin plastic production, petrochemical feedstock and upstream energy applications.
PlasCred stock (CSE:PLAS) last traded at C$0.14 and has added 141.67 per cent year-over-year.
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