InnoVent Renewables announces its formation with a corporate mission to drive renewable energy forward by mitigating the global environmental challenge of waste tires. InnoVent Renewables launched as a U.S.-based technology and operations company with a proprietary continuous pyrolysis technology that converts waste tires, plastics, and biomass into valuable fuels and chemicals.
Each year more than 1 billion tires are disposed of globally, and North America alone disposes of 100+ million tires annually. Decomposition of tires is slower than other waste resulting in a serious health hazard (mosquitos, pests, water borne diseases, and chemical leaching into soil); and burning tires in pits or cement kilns is far more hazardous as it emits toxic emissions in the air. The exclusive pyrolysis technology is unique in that it’s continuous, which is a much higher efficiency compared to batch processing. It utilizes the gas to preheat the tires, thereby making it a Net Zero energy process. During the process valuable chemicals are recovered from the products, producing high quality fuels.
“We are thrilled to formally launch InnoVent Renewables and plan to ramp-up operations into early 2024,” noted InnoVent Renewables CEO Vibhu Sharma. “Our investors, strategic advisors, and management team are all fully committed to our success as we address the global challenge of waste tires. We firmly believe our proven process, deployed at scale globally, will have a huge positive impact on our climate and fill a clear environment need.”